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Reviews

Beneficial Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1853
Total Assets$5.9B
LEARN MORE on Beneficial Bank’s secure websiteMember FDIC

Beneficial Bank was born in 1853 as the Beneficial Saving Fund Society of Philadelphia — created with the goal of giving the city’s growing immigrant population a secure place to keep their hard-earned money.

Over the ensuing 165-plus years, Beneficial Bank has become the largest and oldest bank headquartered in Philadelphia, and its branch network has expanded from southeastern Pennsylvania into Delaware and New Jersey. While you do not have to be a resident of one of these states to open an account, it is definitely more convenient if that is the case.

For decades, Beneficial Bank has put an emphasis on community financial literacy efforts. This started in 1927 as an initiative to teach children about money, and continues nearly a century later as a program taken into schools, nonprofits and businesses in the Philadelphia area. The bank also offers financial literacy libraries, informal “conversation stations” at bank branches and financial workshops across the region.

While these efforts are valiant, that doesn’t automatically mean this financial institution’s products are right for you. Here we’ll take a deep dive into all available deposit accounts to help you determine which, if any, are right for you.

Beneficial Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Beneficial Bank Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.02%

CD Rates

Beneficial Bank 12 - 23 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.79%

CD Rates

Beneficial Bank 36 - 47 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.30%

CD Rates

Beneficial Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Beneficial Bank’s checking account options

Free Checking

This bare-bones account has limited fees, but pays no interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at out-of-network ATMs. This fee is waived if you are 50 or older
  • ATM fee refund: None
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Free Checking is a basic checking account that pays no interest. It also carries no monthly maintenance fee, and can be opened with any amount of money. While there is a fee for out-of-network ATM use, it is waived for customers who are age 50 or older. This is the only account at this bank with any such fee. Unlike many of Beneficial Bank’s checking account options, this one provides no ATM fee refunds when you use out-of-network ATMs.

To open this account, you will need to provide your Social Security number, address and government-issued ID online or in person. Online applicants must be U.S. citizens and residents of the states of Pennsylvania, New Jersey or Delaware.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Interest Checking

To earn an extremely low APY without paying fees, you’ll need a $500 minimum balance or a regular direct deposit.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8, though this fee can be waived.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Interest Checking, appropriately enough, does offer interest, but the APY is extremely low. While it is nice that there is no minimum balance required to earn this APY, you will be charged a monthly maintenance fee if your balance falls below $500. The only other way to avoid this fee is by establishing a direct deposit, in which case your account balance will not matter.

There are no ATM fees associated with this account. However, there are also no ATM refunds. If this is an important feature for you, read on. A few of Beneficial Bank’s checking accounts do offer these refunds.

You can open this account online or in person. Online applicants must be U.S. citizens and residents of the state of Pennsylvania, Delaware or New Jersey. All applicants should be prepared to provide their government-issued ID, address and Social Security number.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Campus Checking

This flexible, and virtually fee-free, checking account would be a good fit for Philadelphia-area college students.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $10 per month of ATM fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Campus Checking is a non-interest-bearing and low-fee checking account option for college students who are between the ages of 18 and 25. Minimum opening deposit requirements are extremely low and there is no monthly maintenance or ATM fee. Students will also get up to $10 of ATM fees charged by outside ATM owners refunded to their accounts every statement cycle.

On top of low fees, this account also offers free incoming wire transfers, which can be especially beneficial for international students who use this method to receive funding from home.

This account can be opened in person or online. Online applicants must be U.S. citizens and residents of the states of Pennsylvania, Delaware or New Jersey. Be prepared to provide your Social Security number, address and government-issued ID.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Start Rewarding Checking

The APY won’t win you over, but the other account benefits might. Watch out for that fee, though.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20, if your combined balances fall below $10,000
  • ATM fee: None
  • ATM fee refund: Up to $10 per month of fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Beneficial Bank offers three different deposit account packages with different benefits, including a unique checking account for each package. This account is part of the “Start Rewarding” package and offers the highest APY of any Beneficial Bank checking account. Still, the rates are not really competitive.

You will be charged a monthly fee to operate your Start Rewarding Checking if the cumulative balance of your Start Rewarding Checking, Tiered Savings and Personal Money Market accounts falls below $10,000.

The benefits of this account include up to $10 refund of ATM fees charged by out-of-network ATM owners, free incoming wire transfers, lower mortgage origination fees and a 0.50% APR decrease on HELOCs when you set up automatic payments from your Start Rewarding Checking account.

You can open this account online or in person with your government-issued ID, address and Social Security number. All online applicants must be U.S. citizens who reside in Pennsylvania, New Jersey or Delaware.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Start Earning Checking

A low-interest checking account that encourages automated savings.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15, if the combined balance of your accounts falls below $1,000
  • ATM fee: None
  • ATM fee refund: Up to $5 per month of fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Beneficial Bank’s next package account is “Start Earning.” Its checking account offers even less interest than the previously mentioned one, and it comes with a maintenance fee if your cumulative balance across your Start Earning Checking, Tiered Savings and Money Market account falls below $1,000. It also offers monthly refunds of fees charged by out-of-network ATMs, but only up to $5 per statement cycle.

When you open a Start Earning Checking account, you are agreeing to an automated $25 per month transfer into your Tiered Savings. Automating savings is an effective way to make sure it actually happens, and this could help you reach your savings goals or build your emergency fund at a faster clip.

The only other benefit that carries over from the last package is the 0.50% APR decrease on your HELOC when you set up automatic payments from your Start Earning Checking account.

When you open this account, you will be simultaneously opening a Tiered Savings account. This is to ensure your $25 per month automatic transfer starts off without a hitch. You will need to provide your address, Social Security number and government-issued ID regardless of whether you apply online or in person, but those who apply online will need to be U.S. citizens and residents of the states of Delaware, New Jersey or Pennsylvania.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Start Benefiting Checking

This banking package for people ages 50 or older comes with free checks.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8, if the combined balance of your accounts falls below $1,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Start Benefiting Checking is available to Beneficial Bank customers who are age 50 or older. You may notice it has the same requirements to waive the monthly maintenance fee as Start Earning Checking, but the amount of this fee is lower with the Start Benefiting package. It also has the same low APY as Start Earning Checking.

You will not receive any ATM refunds with this account, but the 0.50% APR discount on HELOCs with automatic payments is still on the table. You will also receive unlimited free checks.

You can open this account online or in person. If you are applying online, you must be a U.S. citizen who has established residence in the states of New Jersey, Pennsylvania or Delaware. All applicants should be prepared to supply their government-issued ID, address and Social Security number.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s checking accounts compare

Checking accounts traditionally don’t pay a ton of interest, but things have changed a bit with the advent of online-only financial institutions. Because these banks don’t have as many overhead costs, they pass the savings along to consumers via higher interest rates on deposit accounts.

Because of this, Beneficial Bank’s APY offerings are not the best on the market. You can find better checking account offerings elsewhere. However, if you are taking out a HELOC or mortgage with Beneficial Bank, or if you are an international student who would benefit from free inbound wire transfers, the APY may not be the most relevant metric.

Beneficial Bank’s savings account options

Passbook Savings

An in-person-only savings account with a low APY.
APYMinimum Balance to Earn APY
0.15%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $3 if your balance falls below $50
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Passbook Savings is an in-person-only account, meaning you can only complete transactions by visiting a Beneficial Bank branch. Interest rates offered on this account are low, and there is a maintenance fee if your account balance falls below $50.

While this account is subject to Regulation D, there is no danger of accidentally making more than six withdrawals per month. Every transaction must be done in person, and your teller will not allow you to make an excessive withdrawal.

You will need to visit a branch in person in order to open this account. Come prepared with your Social Security number, address and government-issued ID.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Statement Savings

Low APY offerings on this basic account will leave you wanting to look at others.
APYMinimum Balance to Earn APY
0.25%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $5, if your daily balance falls below $50
  • ATM fee: $1.50 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Statement Savings also offers a low APY, but charges a slightly higher fee than Passbook Savings if your balance falls below $50. While none of the interest rates on Beneficial Bank’s savings accounts are competitive, you’d be better off with a student account or Tiered Statement Savings. However, there are additional qualifiers to open any of those accounts.

All savings accounts in the United States fall under Federal Reserve Regulation D. This rule allows up to six certain withdrawals per month. If you make more than six withdrawals, you will be charged a $10 fee for each subsequent withdrawal. If you do this too often, your account will be shut down.

Regulation D only covers “convenient” withdrawals, though, so a good workaround is to make any excess withdrawals in person at your local branch.

You can open this account online or in person. If you apply online, you must be a U.S. citizen with residency in New Jersey, Pennsylvania or Delaware. All applicants will need to present their government-issued ID, address and Social Security number in order to open this account.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Student Saver

Your child can get a $10 sign-up bonus just for opening their savings account.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.30%
$250
0.40%
$500
0.45%
$750
0.50%
$1,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Children under age 18 can open this account, which offers tiered interest rates higher than those you’ll find on basic Statement Savings. There are no account maintenance fees, and your child can easily open this account with one week’s worth of allowance money. At this time of publishing, Beneficial Bank is running a promotion where it will give your child a $10 bonus just for opening this account.

This account is subject to Regulation D, so make sure your child knows that they are allowed up to six certain withdrawals per month.

This account must be opened in person with your child. Bring along their Social Security card if you have it, but absolutely be prepared to provide your own government-issued ID, address and Social Security number when you visit.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Campus Savings

A low-fee, tiered-interest-rate savings account for young college students.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.35%
$500
0.40%
$1,000
0.45%
$1,500
0.50%
$2,500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Campus Savings is similar to the Student Saver account, but the minimum balance requirement to earn those interest rates are higher for this age range (18-25). However, there are still no monthly maintenance fees or ATM fees on this savings account for college students. Do be sure your college student is aware of the $10 excessive withdrawal fee if they make more than six withdrawals per month, though.

You can open this account online or in person. You will need your government-issued ID, Social Security number and address to get started. If you are applying online, you must be a U.S. citizen with residency in Pennsylvania, New Jersey or Delaware.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Tiered Statement Savings

This savings account is only available to those who hold a Start Rewarding, Start Earning or Start Benefiting checking account package.
APYMinimum Balance to Earn APY
0.25%
$0.01
0.30%
$1,000
0.90%
$2,500
0.90%
$5,000
0.90%
$10,000
0.90%
$25,000
0.90%
$100,000
0.90%
$500,000
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Tiered Statement Savings, which is also subject to Regulation D, has the highest APY offering of any of Beneficial Bank’s savings accounts. But in order to take advantage of it, you will need to have a Start Earning, Start Benefiting or Start Rewarding checking account as well.

While these rates are the highest on a savings account offered by Beneficial Bank, they are not the best rates around. The best rates are at least double what Beneficial Bank is currently offering.

If you have already opened Start Earning Checking, this account was opened as a part of that process. If you have Start Rewarding or Start Benefiting checking, you will have to make it known that you would like to open a Tiered Savings account, too. You can open this account in person or online, though online applicants should know that they must be U.S. citizens currently residing in Pennsylvania, New Jersey or Delaware. All applicants will need to provide their government-issued ID, Social Security number and address.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Club Statement Savings

A club account that remains flexible — as long as you’re consistently putting money into it every month.
APYMinimum Balance to Earn APY
0.35%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Traditionally, club accounts allow you to save up for special occasions or holidays. You save money into the account, and your financial institution will release your money from your club account to your checking account on a set date. While you can set up this type of automatic transfer at Beneficial Bank, setting a hard date is not a requirement. That means there are no early withdrawal fees associated with this account, since you can move your money at any time.

You do, however, have to have an automatic deposit from one of your other accounts set up to happen at least once per month. If you do not, there is a $5 monthly fee. You will also face the $10 excessive withdrawal fee if you make more than six withdrawals per month.

You can open this account at your local branch with your government-issued ID, Social Security number and address.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s savings accounts compare

Beneficial Bank’s savings account APY offerings are extremely low. Even its highest rate, offered on the Tiered Statement Savings account, is less than half the APY offered by the best savings accounts on the market. If you want to watch your savings grow at a decent clip, you may want to look elsewhere.

If you do want an account at Beneficial Bank, you’ll probably want to either bundle your savings with a checking account or qualify for one of their special accounts for students or older customers.

Beneficial Bank’s CD rates

Time Deposits

A competitive product at the longest and shortest term lengths that falters for all the terms in between.
TermAPY
3 to 5 Months1.51%
6 to 11 Months1.77%
12 to 23 Months2.02%
24 to 35 Months2.27%
36 to 47 Months2.79%
48 to 59 Months3.04%
60 Months3.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Calculated as a prorated amount of your interest earnings depending on how far along you are into the term. Check with the bank before committing.

While Beneficial Bank’s Time Deposits do not carry the highest APY for CDs on the market, they are fairly competitive — especially at the highest and lowest interest tiers. Its required minimum deposit is extremely reasonable, and early withdrawal penalties are standard. Its option to open a Time Deposit for a term of 3 to 5 months may be appealing for depositors with financial needs in the near future.

You can open a Time Deposit online or in person. If you are opening one online, you must be a U.S. citizen with residency in New Jersey, Delaware or Pennsylvania. Prepare your government-issued ID, address and Social Security number before you go to apply.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s CD rates compare

For terms that are not extremely short or long, Beneficial Bank’s Time Deposit interest rates fall nearly an entire percentage point below the best offers on the market. However, rates are much more competitive when you look at offerings on the 60 month term.

Not all financial institutions offer terms as short as 3 months, but Beneficial Bank does. In fact, it doesn’t just offer them — it offers one of the highest APYs on the market for this term by leaps and bounds.

For all those terms in between, though, you’re going to want to shop around for better CD rates.

Beneficial Bank’s money market account option

Personal Money Market

Low APY offerings make this account unattractive.
APYMinimum Balance to Earn APY
0.65%
$0.01
0.70%
$5,000
0.75%
$25,000
0.80%
$100,000
0.90%
$500,000
0.90%
$1,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if your daily balance falls below $1,000
  • ATM fee: $1.50 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Your Start Earning, Start Benefiting or Start Rewarding package comes with a Personal Money Market account included. While benefits like a decreased APR on HELOCs may be a draw for you, the money market account itself probably doesn’t do as much to compel you.

The interest rates on this account are very low for a money market account. You are likely going to want to store your money elsewhere to see it grow at a faster pace.

It’s important to note that this money market account also falls under Regulation D. This means aside from visiting your teller in person to make a withdrawal, you will only be able to make up to six certain withdrawals per month without incurring a $10 excessive withdrawal fee.

Should you choose to open this account, you will be able to do so in person or online. Online applicants must be U.S. citizens who live in the state of Pennsylvania, New Jersey or Delaware. All applicants should be prepared with their government-issued ID, address and Social Security number.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s money market account compares

Much of the competition offers more than double the rates Beneficial Bank offers on its money market accounts. In one case, you can even find quadruple the rates when you shop around. If you need to keep your money in the Personal Money Market account in order to meet cumulative account minimum balances for your Start Rewarding, Start Earning or Start Benefiting package, it’s worth considering keeping your money here. Otherwise, find another money market account to stash your cash.

Beneficial Bank’s IRA options

IRA CD rates

IRA Time Deposits

Rates become less competitive when they’re found inside an IRA.
TermAPY
6 to 11 Months1.77%
12 to 23 Months2.02%
24 to 35 Months2.27%
36 to 47 Months2.79%
48 to 59 Months3.04%
60 Months3.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Calculated as a prorated amount of your interest earnings depending on how far along you are into the term. Check with the bank before committing.

Some financial institutions up their rates a little when a CD is inside of an IRA. Beneficial Bank does not. That means that while its rates were marginally competitive outside of an IRA, inside it they are simply too low for serious consideration. The term length that performs the best for consumers of Beneficial Bank’s services, which is the 3 to 5 month term outside of an IRA, does not exist here.

You must open this account in person. Bring your government-issued ID, address and Social Security number.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s IRA CD rates compare

While these aren’t the worst APY offerings around, you can do better. When you have a conservative portfolio, you want to make sure you’re maximizing your profit wherever possible. Since it is possible to get better rates elsewhere, shop around for better IRA CDs.

Overall review of Beneficial Bank’s banking products

When you judge by APY alone, there are very few areas where Beneficial Bank shines. Rates on checking, savings, money market and most CD terms are not very competitive. The best product offered by this bank is the 3 to 5 month Time Deposit, which has high rates when held up to the competition.

However, there are unique benefits to holding a deposit account with Beneficial Bank outside of APY offerings. If you would like to take out a mortgage or HELOC with this bank, certain checking accounts and their associated packages can help you score a discount. The accounts with these added benefits in one form or another include the bank’s Start Earning, Start Rewarding and Start Benefiting packages.

International students may be drawn to Campus Checking, as it allows for free wire transfers from home even if APY offerings aren’t the most competitive on the market.

Ultimately, whether or not Beneficial Bank’s deposit accounts are a good deal is going to be entirely dependent on your holistic money situation rather than a simple APY comparison. Make yourself aware of the benefits of each account outside of interest rates to make the best decision for your individual needs.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

TTCU Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1934
Total Assets$1.9B
LEARN MORE on TTCU Federal Credit Union’s secure websiteNCUA Insured

TTCU Federal Credit Union was founded in 1934 as Tulsa Teachers Credit Union and has grown into the second-largest credit union in Oklahoma with $1.8 billion in assets. TTCU Federal Credit Union has more than 130,000 members today, counting teachers, school administrators, students, and staff, and over 600 affiliated groups among its customers.

To open an account at TTCU Federal Credit Union, you must first become a member. Membership is open to:

  • Employees, volunteers and students at one of more than 220 selected schools in Oklahoma.
  • Employees, members or volunteers at an affiliated company or group, as outlined on the credit union’s website.
  • Members, employees or volunteers of the Oklahoma Parent Teachers Association.
  • Persons retired from any of the above.

Immediate family members or people who share a household with eligible members are also able to apply for membership. Applicants can become members either online, at a branch or by calling (918) 749-8828, where a customer service representative can assist with the membership process.

Most TTCU Federal Credit Union accounts can be opened online. You’ll need the following information and documentation to proceed:

  • Social Security number
  • Valid ID, like a passport, military ID, or driver’s license
  • U.S. citizenship or resident alien status
  • Funding information, if coming from an external account

You’ll also need to provide various personal and financial information, including your name, date of birth and address. The credit union will also obtain a copy of your credit report.

TTCU Federal Credit Union offers a traditional line of consumer banking products, including checking and savings accounts, CDs, IRAs and a money market account. Here’s a look at the fees and charges of each account, along with minimum balance and opening requirements, and other features and benefits.

TTCU Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

TTCU Federal Credit Union Savings (Share) Accounts

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.20%

CD Rates

TTCU Federal Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.40%

CD Rates

TTCU Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.80%

CD Rates

TTCU Federal Credit Union 60 Month IRA

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

TTCU Federal Credit Union’s checking account options

Free Checking

This is the entry-level checking account at TTCU Federal Credit Union and does not pay interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee.

TTCU Federal Credit Union’s most basic checking account, Free Checking, still provides a number of the same services that come with all of the credit union’s other checking accounts. The account is not entirely free of fees, but most customers should be able to avoid them. On top of having no monthly maintenance fee, this account doesn’t charge any ATM fees, even at non-network machines — though the ATM owner may still charge its own fee. After the initial opening deposit requirement is met, there is no ongoing minimum balance requirement.

Free Checking comes with the following additional free benefits:

  • Online, telephone and mobile banking
  • Bill pay
  • A Visa check card
  • e-statements
  • Carbonless copies of checks
  • Unlimited check writing

The account offers overdraft protection via the credit union’s Courtesy Pay program, but it does not reduce the overdraft fee.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

Classic Checking

Classic Checking is the next tier up, and the first checking account here that pays interest.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

For the most part, Classic Checking is simply an interest-bearing version of TTCU Federal Credit Union’s Free Checking account. Both accounts have the same minimum opening deposit and no monthly fee, along with no ATM charges. However, customers must maintain at least $250 in this account to avoid a per-check surcharge.

Beyond those small differences, Free Checking and Classic Checking are the same. Both offer free online, mobile and telephone account access, free bill pay, e-statements and check copies, and both come with a Visa check card and unlimited check writing.

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Rewards Checking

Rewards Checking is the top-tier checking account in the TTCU Federal Credit Union lineup.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

Rewards Checking offers the highest level of features and benefits of any TTCU Federal Credit Union Checking account, but there is a modest monthly fee that cannot be avoided. Like the credit union’s other checking accounts, this account comes with a host of free features and benefits, ranging from online, telephone and mobile banking to e-statements, bill pay, copies of checks and unlimited check writing. The account also has the same ATM and overdraft fee structure, meaning there are no ATM fees charged by the credit union but that the overdraft fee cannot be avoided, even with overdraft protection services. As with the credit union’s Classic Checking account, Rewards Checking pays interest on all balances, although the non-tiered structure means all balances earn the same rate.

Rewards Checking offers numerous additional benefits, including travel savings, an interactive benefits feature, and a subscription to Sojourns Magazine. Rewards Checking customers also enjoy enrollment in the following programs (terms may apply):

  • Everyday Rebate Rewards, offering 10% cash back (up to $40) per year on everyday purchases
  • Savers Club, which provides discounts of up to 50% on lodging, car rentals, and theme parks with participating vendors.
  • Bonus Travel, which provides members-only savings when using a Vacation Savings Hotline.
  • ID Network Safety Service, which provides your child with a registered ID.
  • Local Connections, providing discounts and coupons for local merchants.

Rewards Checking customers also receive a free, $10,000 24-hour accidental death insurance policy.

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Fresh Start Checking

Fresh Start Checking is for customers who have a rocky financial history and may need help opening a traditional checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $200 (including fees) but does not reduce the fee

TTCU Federal Credit Union makes it easy for anyone with prior financial missteps to open a basic checking account. Although this account does charge a steep and unavoidable monthly fee, in most other aspects it’s similar to the credit union’s Free Checking account. With both accounts, customers have fee-free access to online, mobile and telephone banking, e-statements, bill pay, check copies, a Visa Check Card and unlimited check writing. This account also allows for overdrafts, although the overdraft protection service only covers overdrafts up to $200 with this account instead of $500.

Although there is no ongoing minimum balance requirement, this account also does not pay any interest. If you maintain this account in good standing for at least one year, you can request to convert it to one of the credit union’s other checking accounts.

How to get TTCU Federal Credit Union’s checking accounts

You can open all TTCU Federal Credit Union checking accounts online. The process requires various personal and financial information, including your Social Security number, citizenship or residency status, valid ID and funding source. If you’re not a member, you’ll have to open join the credit union first by opening a Savings account. The credit union will also run a credit check.

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How TTCU Federal Credit Union’s checking accounts compare

TTCU Federal Credit Union offers a solid range of checking accounts to choose from. Whether you’re looking for a basic account or a rewards account with extensive features and benefits, you can find them all here.

However, some of the accounts have monthly fees that cannot be avoided, and only two pay interest. The rates paid are right near the national average for checking accounts, but the yields aren’t high enough to rank the accounts among the best available checking accounts nationwide.

TTCU Federal Credit Union’s savings account options

Savings

This account is the only traditional savings account offered at TTCU Federal Credit Union.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.40%
$10,000.01
0.55%
$20,000.01
0.70%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $5 if the account balance drops below $100 and no other credit union accounts are opened
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This Savings account is required for membership at TTFCU Federal Credit Union and represents your ownership share. Although there is no ongoing minimum balance requirement, customers must either have additional credit union accounts open or a balance of at least $100 to avoid a modest monthly fee. This account pays interest on all balances across four different tiers, with deposits of more than $40,000 earning the highest interest.

Savings can be accessed via online banking, phone, mail or through electronic withdrawals. Deposits can be made via payroll deduction, electronic deposit or branch night depositories. ATM access is not allowed, however, unless the account is tied to a checking account or an ATM Access account, as outlined below.

Certain withdrawals, including those via pre-authorized or automatic transfer, bill pay, online banking or telephonic means are limited to six per month. Excess transactions may be charged a fee or may cause the closure of the account.

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ATM Access Account

This account gets you ATM access if your other accounts don’t have it.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

The ATM Access account is a special account that can be added to other credit union accounts to provide ATM access. For example, while the traditional Savings account at TTCU Federal Credit Union does not have ATM access, adding a complementary ATM Access account grants that access. Similarly, the Money Market account doesn’t have ATM access, but you can open this account and transfer money market funds to it free of charge to then access the money via an ATM.

This service costs $10 per month, and the account cannot be opened online.

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Youth Savings

Youth Savings accounts at TTCU Federal Credit Union are for kids ages 12 and younger.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Youth Savings account is similar to a standard savings account at TTCU Federal Credit Union but with a few twists designed for its younger clientele. Once the opening deposit requirement is met, account holders receive the following free benefits:

  • A Kids’ Savings Club t-shirt
  • A Kids’ Savings book
  • A $10 Incredible Pizza game card

After the initial deposit, subsequent deposits are rewarded with Kids’ Bucks in lieu of cash dividends. Additional deposits between $1 and $10 earn $1 in Kids’ Bucks, deposits between $11 and $20 earn $2 in Kids’ Bucks and deposits over $20 earn $5 in Kids’ Bucks. Kids’ Bucks can be redeemed for prizes from the safe at a TTCU Federal Credit Union branch.

This account has no ATM access and doesn’t allow overdrafts. However, like other TTCU Federal Credit Union accounts, it can be linked to an ATM Access account to allow machine-based access to your money. You must visit a branch to open this account.

How to get TTCU Federal Credit Union’s savings accounts

You can open TTCU Federal Credit Union’s basic Savings account online. However, for the ATM Access and the Youth Savings accounts, you’ll need to visit a branch. Opening a Savings account online takes about 10 minutes and requires a Social Security number, citizenship or residency status, a funding source and a valid ID. You should also expect the credit union to run a credit check.

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How TTCU Federal Credit Union’s savings accounts compare

TTCU Federal Credit Union’s savings accounts are an interesting collection. There is only one standard savings account, but it pays decent interest rates, with even the lowest tier exceeding the national average and the top tier paying nearly triple the average. However, the rates still can’t compete with the best savings accounts in the nation.

One important note regarding the credit union’s savings accounts is that there is no ATM access with either the basic Savings account or the youth savings account. Customers seeking ATM access will need to open an ATM Access account, which charges a fee.

TTCU Federal Credit Union’s CD account options

Share Certificates (CDs)

Share Certificates are on the shorter side but pay decent rates.
APYMinimum Balance to Earn APYTerm
1.35%
$1,0003 months
1.50%
$1,0006 months
2.20%
$1,0009 months (promo)
2.20%
$1,00012 months
2.10%
$1,00018 months
2.40%
$1,00019 months (promo)
2.20%
$1,00024 months
2.40%
$1,00036 months
2.50%
$1,00048 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

CDs at TTCU Federal Credit Union, also known as Share Certificates, cover a standard range of maturities, from 3 months to 48 months. Terms are a bit short, as many banks and credit unions offer 5 year maturities. Beyond that, TTCU Federal Credit Union’s CDs are fairly standard, with a $1,000 minimum and a 10-day grace period after maturity before auto-renewal. Rates are tiered and generally rise with longer maturities, but the progression is not linear. Currently, two maturities, the 9 month and the 19 month CD, are listed as promotional, meaning they could change or disappear at any time. Early withdrawal penalties apply.

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Share Certificates (Jumbo)

These jumbo CDs pay higher rates for deposits of at least $50,000.
APYMinimum Balance to Earn APYTerm
1.45%
$50,0003 months
1.60%
$50,0006 months
2.30%
$50,0009 months (promo)
2.30%
$50,00012 months
2.20%
$50,00018 months
2.50%
$50,00019 months (promo)
2.30%
$50,00024 months
2.50%
$50,00036 months
2.60%
$50,00048 months
  • Minimum balance to open account: $50,000
  • Minimum balance to earn APY: $50,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

Jumbo CDs at TTCU Federal Credit Union, also known as Share Certificates, cover the same standard range of maturities as the credit unions regular CDs, from 3 months to 48 months. The only difference between the two is that higher yields can be earned on the jumbo CDs, which require a $50,000 minimum.

Rates jump by about 10 basis points per maturity at the moment, although that is always subject to change. As with the credit union’s regular Share Certificates, there are currently two promotional jumbo maturities, the 9 and 19 month maturities. The standard 10-day grace period after maturity before auto-renewal applies, as do the early withdrawal penalties.

How to get TTCU Federal Credit Union’s CD accounts

You can open both types of TTCU Federal Credit Union CDs online. If you’re not a member, you’ll have to open a membership Savings account first. You’ll have to provide your Social Security number, a valid ID and a funding source, in addition to demonstrating citizenship or residency. A credit check is performed at the time you open an account.

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How TTCU Federal Credit Union’s CD accounts compare

TTCU Federal Credit Union offers a high-paying range of CDs. Every single maturity greatly exceeds the national average rate, in some cases doubling or even tripling the average rate. Jumbo CDs pay even higher rates. The best rates at TTCU Federal Credit Union are within range of the best CD accounts available nationwide, but don’t quite top them.

TTCU Federal Credit Union’s money market account option

Money Market Account

This traditional Money Market account pays higher yields than TTCU Federal Credit Union’s savings accounts.
APYMinimum Balance to Earn APY
0.50%
$0.01
0.60%
$5,000.01
0.70%
$20,000.01
0.80%
$30,000.01
1.00%
$50,000.01
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $22

This traditional money market account offers check-writing capabilities but no ATM access. Customers looking to access their money market funds via an ATM can sign up for the ATM Access account, which charges a fee.

The minimum deposit for the Money Market account is $2,500, and subsequent deposits must be at least $100. Similarly, the minimum withdrawal size is also $100. Dividends are paid monthly, using a five-tier APY system. Although even the smallest balances earn interest, the best rates are paid on deposits of over $50,000.

The Money Market account charges a $12 per transaction fee after three withdrawals per month. Certain withdrawals and transfers are limited up to 6 per month, following Regulation D. TTCU Federal Credit Union prohibits additional monthly withdrawals.

How to get TTCU Federal Credit Union’s money market account

You can get a TTCU Federal Credit Union Money Market account online. Opening an account at the credit union requires certain financial and personal information. To proceed, you’ll need your Social Security number, U.S. citizenship or permanent resident status, a valid ID, such as a passport or driver’s license, and a funding source. When you apply, the credit union will run a credit check.

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How TTCU Federal Credit Union’s money market account compares

TTCU Federal Credit Union’s Money Market account is simple and straightforward but does a good job providing what most people want out of a money market: a high yield. Although the account isn’t strong enough to take down the best money market accounts in the nation, it does an admirable job of topping the national average money market rate. Even the lowest tier offers a rate significantly above the national average, while the top rate pays nearly triple the average.

TTCU Federal Credit Union’s IRA options

IRA Savings

The IRA Savings account is a fee-free option for customers with free cash in their IRA.
APYMinimum Balance to Earn APY
0.50%
$0.01
0.60%
$20,000.01
0.75%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA Savings account at TTCU Federal Credit Union is a place customers can keep their cash if they don’t want to commit to other investments, such as a CD. Unlike with many institutions, however, this IRA Savings account isn’t simply a parking place for cash. With no monthly fees and high yields, this account is a viable alternative for conservative investors. Interest is paid in three tiers. Although deposits of more than $40,000 earn the highest APY, even the smallest balance earns a respectable rate of interest. As the account is in an IRA, there is no ATM access and no provision for overdrafts. You must visit a branch to open this account.

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IRA Certificates

IRA Certificates are a bit different than the credit union’s regular CDs.
APYMinimum Balance to Earn APYTerm
2.30%
$1,0009 months (promo)
2.30%
$1,00012 months
2.50%
$1,00019 months (promo)
2.30%
$1,00024 months
2.50%
$1,00036 months
2.60%
$1,00048 months
2.80%
$1,00060 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

IRA CDs at TTCU Federal Credit Union are slightly different from the credit union’s regular CDs, also known as Share Certificates. IRA CD maturities range from 9 months to 60 months, and the rates paid are a bit higher.

Otherwise, the two types of CDs share the same $1,000 minimum and 10-day grace period following maturity before auto-renewal. The same early withdrawal penalties apply to both types of CDs as well. TTCU Federal Credit Union also currently offers promo rates on its 9 month and 19 month IRA CDs. The same rates apply to both traditional and Roth IRAs. You’ll need to visit a branch to open this account.

How to get TTCU Federal Credit Union’s IRA products

As mentioned above, you’ll have to visit a branch to open a TTCU Federal Credit Union IRA, as IRAs cannot be opened online. You’ll need to bring certain information and documentation to open an IRA account, including your Social Security number and a valid ID, like a passport, military ID, state ID or driver’s license. You’ll also need to prove U.S. citizenship or resident alien status. If you wish to make a deposit, you’ll need to provide information about your funding source, such as a checking account routing number.

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How TTCU Federal Credit Union’s IRA products compare

IRA CD rates at TTCU Federal Credit Union are high. For every maturity, rates exceed the national average rates, in some cases doubling or nearly tripling the average. In fact, rates are right on par with the best IRA CD rates in the country. The IRA Savings account is another good product for money that would otherwise earn nothing in the IRA.

Overall review of TTCU Federal Credit Union’s products

TTCU Federal Credit Union is Oklahoma-focused, but some of its accounts are on par with the best national banks. However, as with most financial institutions, potential customers will be best served by picking and choosing among the credit union’s best offerings.

On the whole, TTCU Federal Credit Union shines when it comes to the interest it pays. With the exception of the credit union’s two interest-bearing checking accounts, which pay an average rate, all of the accounts at TTCU Federal Credit Union pay commendable rates. While the credit union only offers one traditional savings account, the rate paid is well above average, although not a top rate nationally.

Comparisons improve with the credit union’s money market, CD and IRA accounts. The money market account pays a much better-than-average rate, and the entire CD line pays impressive rates. In both regular and IRA accounts, TTCU Federal Credit Union’s CDs pay rates as high as triple the national average. In the case of the credit union’s IRA accounts, some of the rates paid are among the very best available across the country. Customers that don’t want to tie up their IRA money in a CD benefit from a very generous IRA Savings account rate as well.

One cautionary note: Although ATM access is available with the credit union’s checking accounts, an additional ATM Access account must be opened to provide ATM access for savings and money market accounts. Considering that the ATM Access account carries a high monthly fee that cannot be avoided, it seems like a high price to pay just to get an ATM card.

Overall, members have a wide range of high-paying accounts from which to choose, and some, but not all, are available without a monthly fee.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

Goldwater Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2007
Total Assets$0.2B
LEARN MORE on Goldwater Bank’s secure websiteMember FDIC

Chartered in 2007, Goldwater Bank already has 45 locations throughout the U.S. The Phoenix-based company is a full-service bank and mortgage lender, but most of its national services are centered on loans.

Currently, only Arizona residents are able to open deposit accounts with Goldwater Bank, and if you want to do any of your banking in person, the only place to do so is at their headquarters. If that works for you and you want to find out if their personal banking products are worth it, read on to find out our review of their products — checking, savings, CD and money market accounts.

Goldwater Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

Goldwater Bank Goldwater Personal Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.55%

CD Rates

Goldwater Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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2.90%

CD Rates

Goldwater Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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3.00%

CD Rates

Goldwater Bank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Goldwater Bank’s checking account options

Goldwater Checking

You can choose between their standard account or online-only account, but the rates are the same.
APYMinimum Balance to Earn APY
0.05%
$100
0.10%
$5,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10 (paper statements) or $8 (e-statements) – These can be waived
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: $30

Goldwater Bank’s only checking account option isn’t that great considering the low rates it offers. This account is restrictive in that you have to be an Arizona resident to open an account. Features include paper or electronic statements, a Visa check card, online and mobile banking, as confirmed by a bank representative. You can choose between what the bank calls their standard account or the e-checking account. The main difference is that with the e-checking account, you agree to do all your banking online — as in you can’t make transactions in person. You’ll also get e-statements and can waive the monthly maintenance fee if you keep a $100 minimum average daily balance. For the standard account, you need to maintain a $500 average daily balance if you want to waive the monthly maintenance fee.

How to get Goldwater Bank’s checking account

You can go in person to open a checking account or fill out an application form online. Enter details such as your name, address and Social Security number. Once you submit, the bank will contact you with instructions to go to a branch to sign a signature card and provide additional details. This includes a photocopy of your Social Security card and driver’s license.

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How Goldwater Bank’s checking accounts compare

Unfortunately, this account is restrictive in that you have to be an Arizona resident to open an account. On top of that, the rates are much lower than what you’d find elsewhere, especially these top national online checking accounts. We also don’t like that the online application process isn’t as convenient as other places — but we do like that unlimited ATM fee refund.

Goldwater Bank’s savings account options

Goldwater Savings

There are no monthly maintenance fees, but the interest rate is pretty low.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account is pretty bare bones. There is no ATM access, so the only way to transfer money is by doing so online or via Goldwater Bank’s mobile app. The app allows you to check your account balance, pay bills and deposit checks. To waive the monthly maintenance fee, make sure to maintain a $100 average daily balance.

Remember, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty from the bank. Goldwater Bank only allows two free withdrawals a month and then you’ll need to pay $4 for each one afterward. If you try to go over six withdrawals a month, your transaction will be denied.

How to get the Goldwater savings account

You have two options: go to a branch or fill out an online application form. If you go the online route, you’ll need to provide personal details such as your name, address and Social Security number. Afterward, you’re required to go in person to sign a signature card and provide additional documentation, such as a photocopy of your driver’s license.

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Youth Savings

Your child can learn to manage money with this free account.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The youth savings account is for anyone under the age of 18 — and a parent or legal guardian needs to be a co-owner, according to a bank representative. Like the Goldwater savings account, there is no ATM access, though your child can access their money in person or online. You also get quarterly statements and two free withdrawals a month. Otherwise, you’ll need to pay a $4 excess withdrawal fee.

Once your child turns 18, the account will be converted to a Goldwater savings account.

How to get Goldwater Bank’s Youth Savings account

You and your child will need to head to the headquarters in person to open an account. Remember to both bring documentation, such as your Social Security numbers, and a way to fund the account.

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Savings Plus

Earn a competitive APY, but at a cost — a high opening deposit.
APYMinimum Balance to Earn APY
1.65%
$0.01
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Savings Plus account helps you earn a great rate, but you need a really high minimum opening deposit to get the account — making it inaccessible for many people. After account opening, the minimum balance amount requirement does go down, but you’ll need to keep at least $25,000 in the account to waive the monthly maintenance fee.

Aside from online and mobile banking, you get two free withdrawals a month. Once you go over that amount, you’ll need to pay a $4 excessive withdrawal fee. Remember that since it’s a savings account, you are allowed up to six certain withdrawals/transfers a month, per regulation D otherwise the bank may deny the transaction.

How to get the Savings Plus account

Go to Goldwater Bank’s headquarters to open an account in person. Don’t forget to bring along your state-issued ID and a way to fund your account.

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How Goldwater Bank’s savings accounts compare

The Savings Plus account offers a rate that’s only slightly lower than the top rates being offered out there. However, you need to have a lot of money to open the account — $25,000 to be exact. Otherwise, Goldwater Bank’s other savings accounts are lackluster in that you get low rates and you need to pay a monthly maintenance fee if you can’t meet their requirements.

You’re better off skipping these accounts and choosing an alternative like the savings accounts we’ve compiled on our list of the best rates.

Goldwater Bank’s CD rates

Certificate of Deposit

These rates are OK for most term lengths.
TermAPY
90 days1.60%
180 days2.00%
12 months2.55%
15 months2.60%
18 months2.65%
24 months2.80%
3 years2.90%
5 years3.00%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of term
    • 24 months or less — 3 months’ interest
    • Over 24 months — 12 months’ interest

These fixed-rate CDs offer OK rates. Some terms offer competitive rates, while others fall short compared with other ones we’ve seen. Interest is compounded daily and credited to your account monthly. You have the choice of keeping interest earned in the CD or transferring to another account.

Once your account matures, you have a 10-day grace period to make changes. Otherwise, it’ll automatically renew.

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Goldwater Access CD

Earn a decent rate and the opportunity to withdraw money each quarter without penalties.
TermAPY
12 months2.45%
  • Minimum opening deposit: $50,000
  • Minimum balance amount to earn APY: $0.01 (Arizona residents only)
  • Early withdrawal penalty: You can make 1 withdrawal per quarter with no penalties. Otherwise, you’ll be penalized three months’ interest.

Also known as the liquid CD, the Goldwater Access CD lets you withdraw any amount you wish once each quarter without paying an early withdrawal penalty. To qualify for the account, you’ll need to open a Goldwater checking account and link it to the CD. Like their regular CD, interest is compounded daily and credited monthly to the account.

Upon maturity, your account will automatically be renewed unless you make changes during the 10-day grace period. These changes include making additional deposits, withdrawals or closing the account.

How to get Goldwater Bank’s CDs

Head to a branch or fill out an online application form to open a CD account. If you’re applying online, the application form will ask for details, such as your name, address and Social Security number. You’ll be asked to go in person to sign a signature card and provide documentation including a photocopy of your Social Security number and a way to fund the account.

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on Goldwater Bank’s secure website

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How Goldwater Bank’s CD rates compare

We like that the Goldwater Access CD allows you to make penalty-free withdrawals once a quarter, and the rate is on par with what’s being offered out there. Their regular CDs also offer some decent rates — though the longer the term, the less competitive they are.

If you’re after short-term CDs, these accounts are a great choice if you live in Arizona. Otherwise, you’ll want to check out other CD options to maximize your savings.

Goldwater Bank’s money market account options

Money Market

This account offers really low rates and a high minimum balance to waive the monthly fee.
APYMinimum Balance to Earn APY
0.26%
$0.01
0.38%
$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account offers limited check-writing capabilities and no ATM access. Other features include monthly statements, and online and mobile banking with check deposit, according to a bank representative. Aside from that, there isn’t anything truly special about this account. While it offers higher rates than the savings account, the APY is still extremely low. Since this is technically a savings account, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty imposed by the bank. If you try to make any more, you’ll be charged a $10 excess withdrawal fee.

How to get Goldwater Banks’s Money Market account

Either fill out an application form online and complete the process in person or apply for an account all in one go at a Goldwater Bank branch. If filling out an online application form, provide information, such as your name, address and Social Security number. Then you’ll need to go on in person to fill out a signature card and provide additional information like a photocopy of your driver’s license.

LEARN MORE Secured

on Goldwater Bank’s secure website

Member FDIC

Money Market Plus

This account offers a competitive rate, but you need a large opening deposit.
APYMinimum Balance to Earn APY
1.15%
$0.01
1.25%
$100,000
  • Minimum opening deposit: $25.000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Market Plus account is meant to reward those who have more on deposit with Goldwater Bank. The $25,000 minimum opening deposit amount seems out of reach for many people, but for those who can spare the cash, the rate is worth it.

Features of the account include limited check-writing capabilities and online and mobile banking, according to a bank representative. You’re limited up to six certain withdrawals a month without a penalty imposed by the bank (per Regulation D) and if you go over that amount, you’ll need to pay a $10 fee.

How to get the Money Market Plus account

You can either fill out an application form online or apply for an account in person. To complete the online application process, provide details such as your name and Social Security number. Then, go in person to sign a signature card and provide a photocopy of your Social Security card.

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on Goldwater Bank’s secure website

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How Goldwater Bank’s money market accounts compare

The Money Market Plus account offers a fairly competitive rate — it’s on par with our list of the best money market accounts. However, you need a high opening deposit amount whereas other competitors offer lower minimums and some with higher rates. They’re also not as restrictive as Goldwater Bank, which only allows Arizona residents to open an account. Our advice is to shop around for money market accounts for more favorable terms.

Overall review of Goldwater Bank’s banking products

Not a whole lot stands out about Goldwater Bank. Most of their products have lackluster rates and there aren’t any fancy features like rewards programs or free checks like many competitors offer. Their premium savings and money market accounts that do offer higher rates have decent ones, but you need a high minimum opening deposit amount — which can be limiting for many people.

Even if Goldwater Bank had decent rates, most of the U.S. can’t access their banking products since it’s only available for Arizona residents. The application process also seems inconvenient considering you have to show up at a branch even if you open an account online. We recommend choosing another bank for one that offers higher rates.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

Cross River Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2008
Total Assets$1.2B
LEARN MORE on Cross River Bank’s secure websiteMember FDIC

Cross River Bank is not your typical, old-fashioned lender. The company specializes in developing software that helps financial tech startups across the country improve product offerings and speed up the loan approval process — but they also do a good bit of banking themselves.

Cross River Bank launched in 2008 and has received more than $28 million in venture capital funding. While their reach is broad, their physical footprint is relatively small — there’s only one branch in New Jersey and a loan center in Brooklyn. Their focus is more on developing online solutions and software rather than expanding through branches.

Through their technology and compliance knowledge, Cross River Bank provides loan origination for 14 online marketplace platforms. They also offer regulatory support for fintech organizations and are creating new types of banking interfaces with developers.

Cross River Bank has won several awards in the fintech space: it’s won the Lendit Fintech Industry Award for Most Innovative Bank in 2017 and 2018 and was named one of the most innovative community banks by the Independent Community Bankers of America in 2018. According to the publication American Banker, it’s also one of the best fintech companies to work for.

Cross River Bank also offers personal deposit accounts with some excellent interest rates. In this review, we’ll see whether Cross River Bank’s commitment to innovation also helps their deposit accounts.

Cross River Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.92%

Savings

Cross River Bank E Connect Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.63%

CD Rates

Cross River Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.25%

CD Rates

Cross River Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.56%

CD Rates

Cross River Bank 48 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Cross River Bank checking account options

I Connect Select Checking/E Connect Select Checking Account

An excellent all-around checking account with no monthly fee, a high interest rate and a respectable ATM fee refund program.
APYMinimum Balance Amount to Earn APY
1.71%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

Cross River Bank does not require a minimum deposit for their I Connect Select Checking/E Connect Select Checking account. You can open one up for any amount or without adding money. This account also does not charge a monthly maintenance fee.

This account also pays interest on all balances, and the rate is fantastic for a checking account.

With this checking account, you get access to online banking, a debit card and free checks. To access your money, you can make free withdrawals from Cross River Bank and Money Pass ATMs. If you use another ATM, Cross River Bank charges a $3 fee. However, they also will refund up to $6 per statement cycle in fees from out-of-network ATM use.

You can open an I Connect Select Checking/E Connect Select Checking account at the Cross River Bank branch in New Jersey or you can ask customer service to email you the new account forms. You can then fill them out and email, fax or mail them back to Cross River Bank. This account cannot be opened online.

The application form will ask for your contact information, employment status and two forms of government ID. While opening, you can deposit money by bank transfer or check.

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How Cross River Bank’s checking accounts compare

Cross River Bank’s checking account is excellent for a number of reasons. First, there’s no minimum balance requirement or monthly fee. It also offers a top-notch interest rate for all balances, and you won’t need to jump through any hoops to qualify. Other lenders that pay high checking rates sometimes have monthly requirements to qualify, like a minimum number of debit card purchases per month — fortunately, there’s nothing like that at Cross River Bank.

Finally, the Cross River Bank checking account includes up to $6 per statement cycle refunds for fees from out-of-network ATMs, which could be handy if you ever travel away from their service areas in New Jersey and New York. The only real downside of this account is you cannot apply online; you’ll need to either visit the branch in-person or request the forms by email.

For a checking account, Cross River Bank could be a solid choice. But before signing up, be sure to consider this list of the best checking accounts first. They pay just as much as Cross River Bank and have other benefits, like larger ATM refunds and you can apply online.

Cross River Bank savings account options

I Connect/E Connect Savings Account

Cross River Bank’s regular savings account pays slightly more interest than their checking account and is also free.
APYMinimum Balance Amount to Earn APY
1.92%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

There is no minimum opening deposit requirement for the Cross River Bank I Connect/E Connect Savings Account. You can open one up for any amount or with no deposit. After you open, this account also has no minimum balance requirement and does not charge a monthly fee.

The I Connect/E Connect Savings Account pays interest on all balances and the rate is superb. It’s a moderate improvement over their checking rate, which is already very high. The interest rate on this account always stays the same and will not increase for larger balances.

Since this is a savings account, there is a government restriction on certain transactions like drafts, checks and account transfers. You are allowed to make up to six certain withdrawls or transfers per month, per Regulation D. If you go over the limit, Cross River Bank could restrict your ability to transfer funds, close your account or convert your savings account into a checking account.

You can open a Cross River Bank I Connect/E Connect Savings Account at the branch or by filling out the account forms and sending them in; however, there isn’t a way to apply online. The application will ask for your contact/work information, SSN and two forms of government ID. You can also deposit money but don’t have to as this is not a requirement.

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on Cross River Bank’s secure website

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I Connect/E Connect Tiered Savings Account

This account has different interest brackets based on your account balance.
APYMinimum Balance Amount to Earn APY
1.92%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

The I Connect/E Connect Tiered Savings Account is nearly identical to their other savings account. The only difference is that they divide the interest rates into tiers. Adding more money moves you into another bracket, where in theory you should earn more.

However, at the time of writing this review, the rates were the same for all tiers and also the same rate as the regular savings account. That’s not much of an issue though as the base rate is excellent.

The I Connect/E Connect Tiered Savings Account does not charge a monthly fee or have a minimum opening deposit requirement. It also restricts certain types of withdrawals/transfers under Regulation D up to six per month.

If you’d like to open an I Connect/E Connect Tiered Savings Account, you can do so at a Cross River Bank branch or by requesting the forms to fill in on your own and sending them in. You do not need to make a deposit to open, but can do so if you’d like by bank transfer or check.

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How Cross River Bank’s savings accounts compare

We are very impressed with the Cross River Bank savings accounts. They both pay phenomenal interest rates, one of the highest rates in the country for savings accounts and a return that’s better even than many CDs. There’s also no monthly fee or minimum balance requirement.

We were a little puzzled that they set up a tiered rate system for one account, where what you earn depends on your balance, but then kept the rate identical for all brackets. It’s also the same as the non-tiered savings account. Perhaps in the future, they will change their rates for these accounts. Still, considering how much you can earn with this free savings account, we won’t complain too much.

If you’d like to see just why Cross River Bank’s savings accounts are so impressive, you can compare them against our list of the top savings accounts in the United States.

Cross River Bank’s CD rates

Certificate of Deposit

The short-term CDs are nothing to get excited about, but once you get to the 12 month CDs, they pay some of the best rates we’ve seen.
TermAPY
3 months1.01%
6 months1.01%
9 months1.01%
12 months2.63%
18 months2.79%
24 months2.94%
36 months3.25%
48 months3.56%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For maturities of one year or less, the penalty will be 91 days interest on the amount withdrawn. For maturities over one year, the penalty will be 182 days interest on the amount withdrawn.

Cross River Bank offers CDs which range from 3 months up to 48 months. You need to deposit at least $500 to open one of these accounts and keep at least this much in your CD to earn the APY.

Cross River Bank’s CDs with maturities of less than one year only pay an OK rate. Their lengthier CDs — lasting one year or longer — are another story and pay fantastic rates.

When you sign up for a Cross River Bank CD, you are supposed to keep your money in the account until the end of the term. If you make an early withdrawal, they will charge a penalty. The penalty depends on your original maturity:

  • For maturities of one year or less, the penalty will be 91 days interest on the amount withdrawn.
  • For maturities over one year, the penalty will be 182 days interest on the amount withdrawn.

At the end of the term, Cross River Bank will automatically renew you into the same type of CD. You have a 10 day grace period after the maturity date to take out money or close the account without owing a penalty.

You can open the Cross River Bank Certificates of Deposit at their branch or by mailing/faxing/emailing in the new account forms. The CDs are not available online though. You will need to complete the new account form, submit two forms of government ID and make your initial deposit of at least $500 to complete opening the account.

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How Cross River Bank’s CD rates compare

If you are looking for a CD that lasts between 12 and 48 months, that’s where Cross River Bank really shines. They pay extremely competitive rates for their CDs with maturities in this range. If you want something outside this timeline, Cross River Bank is probably not your best choice.

They do not offer anything that lasts longer than 48 months. While they do offer several options that last less than 12 months, they do not pay very much. In fact, you could earn a higher rate through the Cross River Bank checking and savings accounts — then you wouldn’t have to worry about the CD early withdrawal penalty.

If you want a CD term that’s outside of Cross River Bank’s sweet spot or you just want to compare your options, we’ve tracked down the best rates for every CD term. Be sure to check them out if you want the highest possible return on your CD.

Cross River Bank money market account options

Regular/E Money Market account

This money market account is respectable, but their savings account earns even more.
APYMinimum Balance Amount to Earn APY
1.82%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

The Regular/E Money Market account does not have a minimum opening deposit requirement, so you can launch one without adding money. Like the other deposit accounts, the money market account also does not charge a monthly maintenance fee.

The Regular/E Money Market account pays interest on all balances and the rate is quite good. The rate always stays the same and will not increase for larger deposits, though.

Since this is a money market account, government restrictions under Regulation D apply. You are allowed to make up to certain six withdrawals or transfers per month. If you go over the limit. Cross River Bank could close your account, convert it into a checking account or limit your ability to make these withdrawals.

You cannot open a Cross River Bank Regular/E Money Market account online; you’ll have to go to a branch. If you want to save the trip, you can also ask customer service to email you the forms so you can complete them at home. You’ll need to fill out your personal information, work status and SSN along with two forms of ID. There’s no opening deposit requirement but you can also send money in as you open by check or bank transfer.

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How Cross River Bank’s money market accounts compare

If we didn’t know about the other options at Cross River Bank, we’d be very tempted by their money market account. It pays a high interest rate, there’s no minimum balance requirement and there’s no monthly fee. As far as money market accounts go, that’s a great combo.

The only reason we’d avoid signing up is because Cross River Bank’s savings accounts are even better. They pay higher interest rates while also being completely free.

If you’d like to outearn Cross River Bank’s savings rates, that’s a tough challenge — but these money market accounts might be up to the task because they currently pay the very highest rates in the country.

Overall review of Cross River Bank’s banking productsub

Cross River Bank’s personal deposit accounts are fantastic. But you wouldn’t know it from the way they present everything. Cross River Bank publishes very little about their accounts on their website so we had to contact customer service for most of the information. At the same time, it’s not easy to sign up because you can’t open accounts online.

It’s a bit of a puzzle because if they promoted them just a little and offered online enrollment, we bet they’d have customers lining up. Perhaps they are too busy working on their lending platforms or they are gearing up for a marketing push in the near future.

For now, Cross River Bank’s deposit accounts remain a hidden gem. After reading this review, you can appreciate why they are so good, with their excellent rates, low fees and low balance requirements. While it will take a little more work to sign up for these accounts, they are worth the effort.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

BankUnitedDirect Review: Money Market and CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2009
Total Assets$31.5B
LEARN MORE on BankUnitedDirect’s secure websiteMember FDIC

BankUnited was founded in Florida in 1984, focused largely on residential real estate. That is, until 2009. That’s when the institution went under during the housing crisis, resulting in one of the largest FDIC insurance claims in history: $4.9 billion.

At that point, though, it was bought by a group of investors who have turned it around and refocused it on commercial banking. It was a relatively smooth transition, and one that led to spectacular growth and much more stability.

BankUnitedDirect is the online-only branch of BankUnited. Here you will find CDs and money market accounts at rates higher than those you’ll typically find at a brick-and-mortar branch. By creating an online-only division, the bank has allowed those who live outside of its home location of Florida to conveniently access its products, which have very competitive rates. We took a look at how they stacked up.

BankUnitedDirect’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.01%

Savings

BankUnitedDirect Online Money Market

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.70%

CD Rates

BankUnitedDirect 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.80%

CD Rates

BankUnitedDirect 24 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.90%

CD Rates

BankUnitedDirect 36 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

BankUnitedDirect’s CD rates

Certificates of Deposit

Competitive certificates with reasonable minimum opening deposit requirements.
TermAPY
6 Months1.90%
9 Months2.05%
12 Months2.70%
18 Months2.70%
24 Months2.80%
36 Months2.90%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ worth of interest

BankUnitedDirect’s CD rates are highly competitive, especially so in certificates with shorter terms. While they aren’t the highest on the market, you could definitely do worse. On top of the minimum opening deposit requirement, the max you can hold in your CD is $250,000, also the point where your account has maxed out its FDIC protection.

If at any time you make a withdrawal from your BankUnitedDirect CD, it will automatically shut down. You will be charged the easy-to-understand early withdrawal penalty, and you can then choose to withdraw all of your money or put some of it back into a new CD.

How to get BankUnitedDirect’s CDs

You will have to open your CD online. Before you begin the application, make sure you have some basic information and documentation like your current address, Social Security number, phone number, email address, valid government-issued ID and account funding information.

LEARN MORE Secured

on BankUnitedDirect’s secure website

Member FDIC

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How BankUnitedDirect’s CD rates compare

Minimum deposit rates at BankUnitedDirect fall within an industry standard range. The offered APY on certificates is not the highest around, but it’s far from the worst deal out there.

You’ll want to consider term length when comparing rates. For example, at the time of this writing, BankUnitedDirect’s 12 month certificate is only one tenth of a percentage point behind the market leader, but 3 year certificates lag behind by an entire 0.45%. While the rates are generally competitive, you’re going to want to check out the current best CD offers on the market before committing.

BankUnitedDirect’s money market account options

Money Market Account

One of the best money market accounts around. Just watch out for the monthly fee.
APYMinimum Balance to Earn APY
2.01%
$0.01
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15, if your balance falls below $2,500
  • ATM fee: First 5 out-of-network ATM transactions per statement cycle are free. After that, there will be a $2.50 fee for each transaction at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 base fee, plus $4 fee per day for each day your account is overdrawn.

BankUnitedDirect’s Money Market Account is extremely competitive. Many money market accounts require you to maintain a minimum monthly balance in the thousands and sometimes tens of thousands to earn the advertised APY, but BankUnitedDirect does not. In fact, any balance you keep in your Money Market Account will earn the advertised APY, which ranks among the highest rates currently offered by any financial institution.

That doesn’t mean there are no balance requirements, though. If your balance falls below $2,500 in any given month, you will be charge a $15 fee. Depending on how far below the $2,500 mark you are, that can eliminate the return you’re getting in interest.

Money market accounts are subject to federal Regulation D. That means you’re allowed up to six certain withdrawals or transfers per month without a penalty enforced by the bank. If you make more than six of these transactions, you will be charged an excessive withdrawal fee of $15 for each transaction by BankUnitedDirect.

Make sure you’re committed before opening this account. If you choose to close it within six months of opening, you will be charged an additional $15 fee.

How to get BankUnitedDirect’s Money Market Account

You must open this account online with your valid government-issued ID, Social Security number, address, phone number, email address and account funding information.

LEARN MORE Secured

on BankUnitedDirect’s secure website

Member FDIC

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How BankUnitedDirect’s money market accounts compare

BankUnitedDirect offers a phenomenal money market account. On top of a competitive interest rate, there are no minimum balance requirements to earn the APY. While there are minimum balance requirements in order to avoid the monthly maintenance charge, this requirement is low compared with similar accounts of this ilk. You should always shop around on our list of best money market accounts before making a final decision, but you can stress less as you go into the shopping experience knowing this is one of the best options on the market.

Overall review of BankUnitedDirect’s banking products

There’s really no losing with BankUnitedDirect’s current deposit account offerings. While you currently only have certificates of deposit and money market accounts as account options, both of these products offer fair rates with limited “gotcha” fees and requirements.

Its Money Market Account, in particular, is a star product. With some of the highest rates and lowest balance requirements around, it ranks as a favorite. Its CDs are competitive, too. They just don’t carry the absolute best rates at this point in time, requiring a more urgent need to shop around than if you are looking at only money market account offerings.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Credit Cards, Reviews

Blispay Credit Card Review: 2% Cash Back Card, if You’re Careful

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Credit Card Review

When it comes to cash back cards, the competition is fierce. Blispay is a new Visa credit card that offers 2% cash back with no restrictions and a financing option for large purchases. Although 2% cash back with no cap is decent, the special financing promotion incentive could easily do more harm than good. In this post, we’ll help you determine if the Blispay credit card should be in your wallet.

Here’s what we’ll cover:

  • The Blispay Visa® Card offer
  • How cash back works
  • The fine print details
  • The pros and cons

The Offer  

1. Enjoy 2% Cash Back on all purchases!

There’s no revolving categories or spending limits. The Blispay Visa® Card gives you unlimited 2% cash back on all purchases, no spending caps and no strings attached.

2. Special financing for 6 months

Beyond the 2% cash back deal, Blispay offers a financing option for big spending. You get an introductory 0% on all purchases over $199 if paid in full in 6 months. However, if the balance of that purchase is not paid off within 6 months, retroactive interest will be charged at 19.99% APR from the day the transaction posted to your account. That’s a big catch: you’re interested isn’t waived, it’s retroactive. Failing to pay off the purchase in 6 months means the 19.99% APR that’s been accumulating will all get tacked onto your balance.

Blispay Visa® Card

LEARN MORE Secured

on Blispay’s secure website

A Closer Look at Blispay 2% Cash Back

How to earn cash back

Cash back can be earned at any merchant where Visa is accepted. Purchases made through Apple Pay, PayPal or a digital wallet with a Blispay credit card will count for 2% cash back as well. Occasionally, Blispay may offer special cash back promotions where you can earn even more from your spending. For an example, if you spend $5,000 on your card for the year, you have the potential to earn $100 in cash back, which is a 0.02% cash back value.

How to redeem cash back

The draw of the Blispay cash back program is you won’t need to do anything beyond pay for a purchase to earn and redeem cash back. Each month, the cash back tallies up and automatically applies as a credit to your statement balance when the billing period ends. The application process is also quick. You can apply online and start using your account right away.

The Fine Print

Simple way to earn rewards: The 2% cash back on all purchases with no cap is an uncomplicated way to earn a reward from using the Blispay Visa® Card. However, the fine print comes in with the special financing. The “no payment, no interest” promotion seems like a deal upfront, but it can really be a trap if you’re not careful.

Understand the consequences of deferred interest: This special financing is really just deferred interest and means interest accruing on your balance will be charged at a later time. If you rely on the promotion to avoid making payments right away on many purchases, you can easily run into trouble when 6 months expires on each one. The way Blispay includes the interest-free period as a promotion alongside the 2% cash back deal could be a way to lure you into spending more money than you can pay off before interest hits.

Cash back is worthless if you don’t pay off your bill in full: If you choose to use this card, understand that earning 2% cash back is worthless if you keep getting charged 19.99% APR later on. You want to avoid interest entirely to get the most benefit from a cash back card. Otherwise, you may pay more in interest than you even earn in cash back.

The Blispay Fee Structure

The Blispay Visa® Card has a $0 annual fee. So, if you choose this card and pay off your balances diligently, it is possible to earn cash back for free. But, you will have to pay more for purchases made internationally since there’s a foreign transaction fee of 3% of each transaction after it is converted to US dollars. Lastly, there’s a minimum interest charge of $2.00 and the late payment fee is $35.

Pros and Cons

Pro: No restrictions on the 2%. You can earn 2% cash back without adjusting your spending habits or paying attention to categories. There’s also no cap. You’ll earn 2% cash back no matter how much you purchase.

Con: Special financing is retroactive interest. If you rely on the financing for many large purchases, you can fall behind on payments and get charged retroactive interest. When that happens you won’t see much, if any, return from 2% cash back. The no-interest financing option could be a trap, so be cautious.

Pro: $0 annual fee. You won’t need to earn a certain amount of cash back to compensate for an annual cost of this card because there is none.

Con: High fees. Although there’s a $0 annual fee, the interest rate and other fees such as the 3% of each transaction after it is converted to US dollars foreign transaction fee are ones that need your attention. If your credit score is good to excellent, you may be able to get a lower interest rate with another card that doesn’t have the special financing element. For instance, the APR on the Citi® Double Cash Card – 18 month BT offer is 15.49% - 25.49%* (Variable) as opposed to19.99% APR.

(No matter what cash back card you decide on, it’s best to pay off your balances entirely to skip interest altogether. But a lower interest rate is ideal in case you do need to revolve a balance.)

Pro: Automatic statement credit. Each statement period your cash back will appear as a credit on your account. You won’t have to initiate the redemption of cash back. This card requires hardly any maintenance.

Alternative

Blue Cash Preferred® Card from American Express

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on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

If you need to finance new purchases or transfer a balance from another non-Amex card, the Blue Cash Preferred® Card from American Express offers an intro 0% for 12 months on purchases and an intro 0% for 12 months on balance transfers (after, 14.99%-25.99% Variable APR). This is a decent amount of time for your to finance purchases interest-free and can save you money on interest payments, compared to carrying a balance on a high interest card. This card also comes with a rewards program where cardholders earn 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases. Take note that there is a $95 annual fee with this card, but it may be worthwhile.

Who Will Benefit Most from the Blispay Visa® Card

The Blispay Visa® Card gets a low score from us because of the financing angle included in the promotion. Reeling you in with deferred interest can hurt you more than 2% cash back can help if you fall off track. But, if you plan to avoid the 6 month special financing, you may be able to reap the benefits of cash back while steering clear of the pitfall.

Why trust us...

Fact Checked By: Alexandria White

Reviewed By: Alexandria White

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Best of, Earning Cashback, Reviews

QuickSilver or Venture: Which Capital One Card Should You Pick?

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

QuickSilver or Venture: Which Capital One Card Should You Pick

Comparing cards from differing financial institutions is a tough decision, but what do you do when you’re looking at two cards from the same provider? They have identical interest rates, points never expire on either card, and they both have great bonuses.

I’ll tell you what you do: you do some math to figure out which one provides the better value. That’s exactly what we’ve done with the Capital One® Quicksilver® Cash Rewards Credit Card and Capital One® Venture® Rewards Credit Card. If cash back is your goal, rather than travel rewards, we’ve found a clear winner.

Capital One® Quicksilver® Cash Rewards Credit Card

The Capital One® Quicksilver® Cash Rewards Credit Card offers 1.5% Cash Back on every purchase, every day. There are no rotating categories; every dollar you spend will earn 1.5 cents, redeemable in cash. At publication, it comes with a One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening.

This card has a $0 annual fee, and comes with an 0% intro on purchases for 15 months and a 0% intro on balance transfers for 15 months (3% BT fee applies), then an APR of 14.74% - 24.74% (Variable).

Capital One® Quicksilver® Cash Rewards Credit Card

Capital One® Quicksilver® Cash Rewards Credit Card

Annual fee
$0
Rewards Rate
1.5% Cash Back on every purchase, every day
Regular Purchase APR
14.74% - 24.74% (Variable)
Credit required
good-credit
Excellent/Good

Capital One® Venture® Rewards Credit Card

The Capital One® Venture® Rewards Credit Card operates differently. While you can get cash back, the best way to use points earned is for travel. For every dollar you spend, you earn 2 Miles per dollar on every purchase, every day. When you redeem Venture points to pay for travel, you get $1 in value for every 100 points. However, if you choose to redeem those points for cash, you will only get half that ($0.50 back per 100 points)

This means if you’re only looking for cashback, the Capital One® Quicksilver® Cash Rewards Credit Card is the better deal.

The Capital One® Venture® Rewards Credit Card comes with a One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel, but worth only $250 if you opt to use the cash back method. In order to qualify for this bonus, you must meet a $3,000 minimum spend in the first three months of your account opening.

Capital One® Venture® Rewards Credit Card

Capital One® Venture® Rewards Credit Card

Annual fee
$0 intro for first year; $95 after that
Rewards Rate
2 Miles per dollar on every purchase, every day
Regular Purchase APR
14.74% - 24.74% (Variable)
Credit required
good-credit
Excellent/Good

Pros & Cons

Both cards are nice additions to your wallet if you use credit responsibly, but you’ll want to look over the pros and cons of each before choosing one the one that is best for you.

Capital One® Quicksilver® Cash Rewards Credit Card

Pro: Higher points for cashback. The Capital One® Quicksilver® Cash Rewards Credit Card’s rewards come in at a higher value when you redeem for cashback.

Con: Other options in the industry offer more. In this matchup, the Capital One® Quicksilver® Cash Rewards Credit Card clearly comes out on top, but when you compare it to other cards in the cashback niche, such as Citi® Double Cash Card – 18 month BT offer, its return isn’t stellar.

Pro: Simplicity. While other cashback cards may have a higher yield, you often have to spend money on certain items during specific months to see those yields. You also typically have to register for each higher earning category. With the Capital One® Quicksilver® Cash Rewards Credit Card, you earn 1.5% Cash Back on every purchase, every day.

Pro: Less expensive. While we don’t advise carrying a balance on your card, the introductory 0% interest rate makes this card less expensive than its competition in this head-to-head. To add insult to injury, it also doesn’t come with an annual fee, making the Capital One® Quicksilver® Cash Rewards Credit Card the cheaper option.

Capital One® Venture® Rewards Credit Card

Pro: The bonus is bigger. Even at lower redemption levels, the One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel, or $250 in cash, is larger than the Capital One® Quicksilver® Cash Rewards Credit Card‘s bonus offer. However, the cashback offer on the Capital One® Quicksilver® Cash Rewards Credit Card is a better deal simply because you don’t have to spend as much proportionately to earn it.

Con: It will cost you more to earn the bonus. When you spend $3,000 to earn 50,000 points, you are essentially spending $3,000 to earn $250 (or $500 if you use the points for travel). Contrast that with the Capital One® Quicksilver® Cash Rewards Credit Card’s offer to earn a One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening, and you can clearly see that Capital One® Quicksilver® Cash Rewards Credit Card’s deal offers a better value, even though it’s smaller.

Pro: More value if you’re a traveler. If you redeem your points for travel, you’re earning 2% cash value from your spending, 0.5% more more than the Capital One® Quicksilver® Cash Rewards Credit Card’s cashback offer, and a full 1% than if you opted to use your points for non-travel purchases on the Capital One® Venture® Rewards Credit Card.

Con: More expensive. The annual fee is a an $0 intro for first year; $95 after that. This means that the card will earn back the annual fee after you’ve spent $2,950 if you plan to use the points for travel. Interest fees are also not waived for the first year.

When to Use Both Cards

If you like to travel, but also like getting cash to pay your monthly bills, it can be advantageous to use both cards in conjunction. Where you put your spend will depend on your immediate goals. For example, maybe you have a wedding to attend, and two nights at the hotel will cost you a total of $400. You’d want to take advantage of the Capital One® Venture® Rewards Credit Card’s signup bonus, One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel. You’d even have $60 in travel credit leftover to take care of fun things like hospitality taxes and potential resort fees.

On top of booking accommodations, you also have to buy a gift. You decide to charge every additional penny to your Capital One® Quicksilver® Cash Rewards Credit Card card, paying it off every month. At the end of three months, you’ve spent $6,000: $3,000 on your Capital One® Venture® Rewards Credit Card, and $3,000 on Capital One® Quicksilver® Cash Rewards Credit Card. Because you’ve spent over $500 on your Capital One® Quicksilver® Cash Rewards Credit Card card, you get the one-time bonus, plus an additional $45 in cashback rewards, more than enough to purchase a wedding gift.

Other Cash Back Card Options

Capital One® Quicksilver® Cash Rewards Credit Card‘s 1.5% return is far from the best on the market. [ps name=’card.78.name’]offers 5% back at different places up to the quarterly maximum each time you activate. Then, 1% unlimited cash back automatically on all other purchases.

Discover it® Cash Back

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on Discover Bank’s secure website

Rates & Fees

Discover it® Cash Back

Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.
Regular APR
13.99% - 24.99% Variable
Credit required
good-credit
Excellent/Good Credit

Read our full review of the Discover it® Cash Back here.

If you frequently shop at U.S. supermarkets, then the Blue Cash Preferred® Card from American Express is a great alternative. Cardholders earn a high cashback rate on U.S. supermarket spending: 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases. There is a $95 annual fee, but if you spend $1,584 a year at U.S. supermarkets, you can earn enough cash back to recoup the annual fee.

Blue Cash Preferred® Card from American Express

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on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

Citi® Double Cash Card – 18 month BT offer also does 2% back on all purchases, Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay.

Citi® Double Cash Card – 18 month BT offer

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on Citibank’s secure website

Citi® Double Cash Card – 18 month BT offer

Annual fee
$0
Rewards Rate
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
Regular Purchase APR
15.49% - 25.49%* (Variable)
Credit required
good-credit
Excellent, Good

Just keep in mind, all of these cash back options are only valuable if you pay off your card on time and in full each month. Once you start paying interest it voids the return of earning cash back.

Cash Back Winner

If you don’t plan to use your rewards for travel, and are only looking at cash back, the numbers don’t lie. Spending on Capital One® Quicksilver® Cash Rewards Credit Card will earn you 1.5%, while Capital One® Venture® Rewards Credit Card only garners 1%. Unless you’re a traveler, Capital One® Quicksilver® Cash Rewards Credit Card offers you more value for your spend, and it does so with a $0 annual fee.

promo-cashback-wide

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
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Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

Victoria’s Secret Angel Credit Card Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Victoria’s Secret Angel Credit Card Review

If you’re a big Victoria’s Secret shopper, the Angel credit card may be one you’ve considered signing up for especially since the holidays are right around the corner. The Angel card gives members the opportunity to earn Victoria’s Secret rewards, free shipping, and other gifts.

You can swipe the Angel card at Victoria’s Secret and PINK stores and Bath & Body Works (in-store only). But, you’re only able to earn and redeem points at Victoria’s Secret and PINK stores.

The Angel Rewards Program has three rewards tier levels including Angel, Angel VIP, and Angel Forever. A rewards level is assigned to you based on the points you earn from the card. We’ll discuss the benefits of each tier in this post along with:

  • The credit card basics
  • How to redeem points
  • The fine print details
  • How to qualify for the card
  • The pros and cons
  • The basics of the Angel credit card
  • Victoria’s Secret Angel Credit Card Basics

1. Earn 1 point per dollar when you purchase non-bra items.

Victoria’s Secret stores sell perfume, clothes, panties, and many other items besides bras. For these items, you earn 1 point for every dollar you spend.

2. Earn 3 points per dollar on bra purchases.

Victoria’s Secret gives you a special bonus when you shop for bras. On bras, you earn 3 points per dollar including ones that are on sale.

3. Extra benefits such as free shipping.

Cardholders also get free standard shipping for orders that include a bra purchase. All cardholders get a birthday gift as well. According to Angel credit card services, the birthday gift is a $10-off shopping coupon.

Redeeming Victoria’s Secret rewards

The Angel Rewards Program is multifaceted. You get extra opportunities to earn more points than the basic 1 point per dollar spent, and there’s a tiered rewards system that determines what exclusive offers you qualify for.

How to earn bonus points

Besides earning 3 points per dollar on bras, cardholders will be notified of special promotions where they can earn extra points for other items.

In addition, each cardholder can choose a triple point day or days. Triple point days are days you select throughout the year where you will get 3 points per dollar on all purchases, no restrictions.

The number of triple point days you can choose depends on your rewards tier.

Angel Rewards Program tiers

The Angel card has three rewards tiers:

Angel – no point requirement

Angel VIP – cardholders must earn 500 points to reach this level

Angel Forever – cardholders must earn 1,000 points to reach this level

You’ll be bumped up automatically to the next tier if you earn the amount of points required during the 12-month Angel Rewards Program year. The program year goes from February 1 to January 31.

If you get moved up to the second level, Angel VIP, you stay on that level until you earn enough points to reach Angel Forever status. You will never be demoted back to the Angel tier.

If you attain Angel Forever status, you’ll stay there for the entire program year you earned 1,000 points and one year after. However, the following year, you need to requalify by earning another 1,000 points. Otherwise, you’ll be taken down to the Angel VIP tier.

Cardholders at the very lowest tier (Angel) can choose 1 triple point day per program year. Angel VIP cardholders can choose 2 triple point days per year. Angel Forever cardholders get to choose 3 triple point days per year.

Exclusive benefits for Angel VIP and Angel Forever members include access to exclusive event invitations (like store promotions). Angel Forever cardholders also get a special thank-you gift each year.

Redeeming points

Every time you earn 250 points you receive a reward that’s essentially a store coupon. Angel and Angel VIP members get a $10-off reward. Angel Forever members get a $15-off reward.

The reward will be mailed to you within 3 to 6 weeks of earning it. It expires 90 days after it’s issued, so be sure to use it right away.

You cannot use points earned for statement credit, for cash redemption, or to purchase gift cards.

The fine print and fees

The Angel card has no annual fee. However, the red flag is in the interest rate. The interest rate is 25.99% variable APR, which is pretty high. Carrying forward a balance on this card will be counterintuitive if you want to benefit from the rewards program because you’ll pay quite a bit in interest charges.

The Angel card is standard in regard to other fees. The late fee is up to $37, and the returned payment fee is up to $25.

Qualifying for the Angel credit card

You can apply for the Angel card at a Victoria’s Secret or PINK store. You can also apply online. A credit check will be performed to determine your creditworthiness. Like most store cards, you can apply and get approved within minutes at the store checkout counter. Just know that any time your credit is run for a new credit card application, it will ding your credit score. 

However, there is a way to see if you are pre-qualified for a Victoria’s Secret credit card without hurting your credit. Getting pre-qualified is simply a company’s way of telling you that you could qualify for a credit card if you decide to apply for it. You are not actually signing up for a credit card if you are pre-qualified. This is simply a way to make sure you will qualify for the offer if you apply, so you don’t ding your credit score for nothing.

Here’s how: 

 

Step 1: Go to checkout with an item in your cart (you don’t need to buy anything in order to get pre-approved).

Step 2: Enter your name, address and phone number. Be sure to use the address you typically use for bills so they can match it up.

step1

Step 3: Continue to the payment and offers page

Step 4: If you’re pre-approved for a credit card, you will see a pop-up message with your initial credit limit and a link to apply (for real this time). You can then go on to open an account.

step4

If additional information is needed to make a decision, you may have to wait up to 30 days before you’re officially approved for the card. Victoria’s Secret doesn’t have a preset credit score requirement that’s used to qualify (or disqualify) applicants.

Current cardholders report getting approved for the card with a credit score in the mid-500s and higher. The high interest rate is also an indicator this card may be open to those with fair credit.

Pros and Cons

Pro: No annual fee. There’s no annual fee, so Victoria’s Secret shoppers will get rewarded for spending without having to worry about that extra expense.

Con: The interest rate. The interest rate for this card is high. If you carry an account balance, any reward earned (free shipping, coupons, or gifts) will be diminished by the amount you pay in interest charges.

Pro: No cap. You can earn an unlimited amount of points. You’ll automatically get a coupon whenever you reach the 250 point threshold.

Con: The restrictions. Even though there’s no cap, there are a few restrictions in other areas. Points expire 12 months from the date that you earn them. You’re also restricted in how you can use points. There’s no way to cash out other than making a new purchase with your rewards coupon.

Pro: Extra benefits. Beyond the $10 and $15 rewards given for points earned, you get free shipping on purchases that include a bra. Victoria’s Secret may occasionally offer more points for certain purchases as well. You also get a special birthday gift.

Other rewards cards

Ultimately, a store card won’t be worthwhile if you don’t have a reason to spend in that store often. Here are a few cards that will reward you for all spending:

Blue Cash Preferred® Card from American Express

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on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

Chase Freedom®

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on Chase Bank’s secure website

Read Full Review

Chase Freedom®

Regular Purchase APR
16.99% - 25.74% Variable
Intro Purchase APR
0% Intro APR on Purchases for 15 months
Intro BT APR
0% Intro APR on Balance Transfers for 15 months
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater
Credit required
good-credit
Excellent/Good

Chase Freedom® – The Chase Freedom® card is a cash back card with revolving quarterly categories. Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

For 2018, the bonus categories are:

January to March – Gas stations & Internet/Cable/Phone Services

April to June – Grocery Stores (not including Walmart & Target), PayPal and Chase Pay

July to September – Gas Stations, Lyft, and Walgreens

October to December – Department Stores, Wholesale Clubs, and Chase Pay®

The quarterly maximum for the bonus category is $1,500. All other purchases on your Chase Freedom® card earns unlimited 1% cash back. You can use cash back for statement credit, direct deposit into a savings or checking account, gift cards, or travel.

Who will benefit the most from the Angel credit card?

Unless you shop heavily at Victoria’s Secret and PINK stores, getting a card that will only reward you for spending at these retailers is not a good idea. And since the credit card reward is a coupon for more shopping, taking part in the program may even cause you to spend more than necessary.

Be careful if you’re thinking about opening this credit card just for holiday shopping. Buying now with the intent to pay later can cost you. Accumulating interest charges may outweigh any benefit that you would get from free shipping, rewards points, or birthday gifts. 

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Reviews

Chime Bank Review: A Fee-Free Bank Account

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you can’t recall the last time you walked into one of your bank’s physical branches, are sick of bank fees and want a no-brainer way to save more money, you may be interested in opening an account with San Francisco-based fintech start-up, Chime. Chime offers a mobile-first approach to banking. The full features of its no-fee service are offered through the free Chime app, making Chime an option to consider for individuals banking on the go.

Chime Bank account: At a glance

Chime calls its everyday checking account a “spending account.” The major selling point of Chime is that it charges almost no fees, as you can see from the list above. We can almost forgive the fact that it doesn’t offer any interest on this account because fee-free checking accounts are harder to find these days. However, there are certainly low-fee checking accounts that pay interest, so check out our roundup of checking accounts here.

Upon account opening, Chime will issue you a VISA debit card to use at the ATM and to make purchases everywhere VISA is accepted.

Noteworthy features

  • No minimum deposit amount to open
  • No minimum balance requirement
  • No overdraft fee
  • No monthly fee
  • No ACH transfer fee
  • No foreign transaction fee
  • Send 15 fee-free ‘Friend transfers’ (P2P) each month
  • Doesn’t earn interest
  • Can’t request an additional card for another user.
  • Limited to $500 in ATM withdrawals per day

Get your paycheck early
If you set up direct deposit to your Chime spending account, you may gain access to your funds up to two days early. That’s because Chime makes the money available to you as soon as your employer deposits it. Generally speaking, that’s about two days before you’d see your paycheck deposited to your account with most banks. This is a common feature of prepaid debit cards, but not seen with many traditional bank accounts.

ATM access
Use MoneyPass ATMs and you’ll incur no ATM fees. If you go to an out-of-network ATM, the fee is $2.50. ATM withdrawals are capped at $500 per day and card purchases that require a signature and PIN are capped at $2,500 per day.

No overdrafts
There are no overdraft fees to worry about because Chime won’t allow you to make a charge that will overdraft your spending account. If a transaction will overdraft your spending account, the company will refuse to process the payment. If your spending account becomes negative for whatever reason and remains negative for 15 days, Chime will transfer money from your savings account to bring the account back to a positive balance.

Chime Bank account vs. Aspiration Summit checking account

As Chime Bank is one of a growing number of fintech banking challengers, we wanted to see how it compares with its new peers, specifically the Aspiration Summit account.

Rates. Unlike the Aspiration Summit account, a Chime Spending account does not earn interest (although the optional Chime Savings account does). With the Aspiration account, you will be paid 1.00% on balances up to $2,499.99 and 1.00% on the entirety of balances of $2,500 or more.

Fees. The Aspiration Summit account offers no-fee ATM use anywhere, while Chime will charge an ATM fee unless account holders locate and use a fee-free ATM as designated by Chime. Neither bank charges a monthly account fee, however, Chime takes the lead here with no strings attached. Aspiration offers a somewhat complicated, usage-based fee pricing structure which may or may not charge a fee, depending on the user.

Overdrafts. The Aspiration account charges an overdraft fee, whereas Chime account does not – the bank will simply refuse to process the transaction if adequate funds are not in the account. Aspiration’s account is targeted toward middle-class users, whereas Chime seeks to appeal to the millennial or youthful demographic and pushes mobile account access as the norm, as opposed to simply an option to access an account.

Access. The Aspiration Summit account can only be opened by invite and when responding, an applicant may receive an email that they’ve been added to a “waitlist” and to “stay tuned for updates.” However, anyone who meets the basic account opening requirements can apply to open a Chime Spending account.

The bottom line: For individuals who want free global ATM access, Aspiration Summit account is the way to go. For someone who wants to perform most of their banking from the palm of their hand on a mobile device – a Chime Bank Spending account is the better alternative.

Who Chime Bank is best for

Chime is ideal for someone who is tech savvy, maintains a low bank balance and wants to avoid fees and save money without thinking (too much) about it.

Someone who wants a fee-free prepaid alternative
Because Chime doesn’t run a credit check to open an account and offers early access to your paycheck at no extra cost, it may be a viable alternative to using prepaid debit cards, which commonly offer early direct deposits but often come with hidden fees.

Someone looking for a solution to overdraft fees
The bank requires no minimum deposits and avoids overdraft fees, which can be beneficial to anyone who generally maintains a low checking account balance and regularly incurs overdraft fees as a result.

Someone who wants to save money automatically
The account’s automatic saving feature makes it easy to save money for anyone who isn’t used to regularly saving a chunk of their paycheck or wants to save a little bit more money with each purchase.

Someone who won’t miss brick-and-mortar branches
Chime doesn’t have any physical branches, which can be an inconvenience to some individuals. Additionally, Chime’s customer service hours are limited to 7 a.m. to 7 p.m. CST most days. If you’d prefer to have a physical branch to walk into in case you need help with your account or 24-hour customer service, you may be better off banking elsewhere.

Chime Bank savings account

Chime Savings Account

APY

Minimum Balance Amount

0.01%

$0.01

As of 12/12/2018

Only after opening a Chime spending account will you be permitted to open a Chime savings account. The account requires no minimum deposit to open. However, if you maintain a zero balance for nine continuous months, your account may be closed.

At a measly 0.01% variable APY, the interest on Chime’s savings account isn’t impressive compared with other high-yield savings account options currently available. However, the savings account comes with some attractive features that may make up for the poor interest rate.

Noteworthy features

Save as you spend
Once you open a savings account, you can enroll in Chime’s automatic savings program, called “save when I spend.” Chime will automatically round up every purchase made with your Chime VISA card to the nearest dollar and transfer the amount from your spending account to your savings account for you. You can turn automatic savings on or off anytime using the Chime app or on the Chime website.

Automatically stash away 10%
Chime’s “save when I get paid” feature makes it easy to pay yourself first. Not only can you access funds from your paycheck up to two days early, but you can also set the app to automatically transfer 10% of your check to your savings account each time you’re paid. You can enable the feature using the Chime app.

No excessive withdrawals fee
Like most savings accounts, under federal Regulation D you are limited up to six certain withdrawals or transfers from the savings account per statement cycle. However, Chime won’t charge you a fee once you hit your limit like other banks will; it simply won’t allow you to make any more than your six withdrawals.

Chime’s partner The Bancorp Bank, an FDIC member, insures Chime deposit accounts up to $250,000.

Chime mobile app

Chime users can use the full features of Chime via the free Chime mobile app on iPhones and Android devices. The Chime app comes packed with full banking features. The app includes mobile deposits and notifications directly from the app, but also a few features exclusive to Chime users, like an in-app P2P system and the ability to send checks.

Notifications. The app will let you know how much money you have left to work with each day with daily account balance and a transaction notification each time you swipe your debit card.

Mobile check deposits. Just snap a photo of your check and it will get deposited into your account. Mobile check deposit is only available for Chime users who have their payroll direct deposited to their spending account.

Security. The account’s security features allow you to toggle on and off the ability to make domestic and international transactions. This is useful if you lose your card and need to block it ASAP so no one else can use it, or if you simply want to restrict your own use of your debit card.

Send money to friends with Chime. You can send money to your friends who use Chime using the in-app “Pay with Friends” feature. The P2P payments option can come in handy if you need to split dinner with friends or bills with roommates. You can send money to other Chime users using their name, Chime nickname, phone number, email or by selecting them from your contacts.

Pay with Friends also works with popular P2P payments app, like Venmo, in case your friends don’t use a Chime account. Just select pay with Venmo after entering the amount you’d like to send and Chime will launch the Venmo app.

Chime’s Pay with Friends caps users at $2,000 or 15 transfers per month. Transfers to Chime members will immediately post in the recipient’s Chime account, while transfers from recipient’s Venmo account to their external bank account may take up to two business days.

ATM Map. Chime built its ATM map right into the app, so you can find an ATM easily on the go. Chime is in network with more than 30,000 MoneyPass ATMs. Chime allows you to withdraw up to $500 per day, only from your spending account.

Send a check. Chime won’t issue you a checkbook, but it will mail a check to whomever you owe on your behalf from the app. Enter the recipient (business or individual) and the amount you want to send, and Chime will take care of mailing the check for you. You can send and unlimited number of checks, up to $5,000 per check.

How to open a Chime Bank account

Signing up for a Chime account is relatively simple and easy. Chime says it takes less than two minutes to enroll.

You can sign up using the free Chime iPhone or Android app, or by visiting Chime‘s website. You must be at least 18 years old and either a U.S. citizen or permanent resident with a valid Social Security number to be eligible to open a Chime account. Chime uses a third-party service to verify your information before approving your account. Chime does not run a credit check for approval or require any other forms of identification like a driver’s license number to apply.

The initial enrollment only opens a Chime spending account and so you will still need to open a savings account if you want one. Chime will present you with the option to open a savings account after your spending account is set up, but if you don’t want to do that right away, you can always do it later online or through the app.

Your Chime VISA debit card should arrive within 10 business days after you open a spending account. As of this writing, Chime does not offer joint accounts.

Linking an external account
You can link an external bank account you own to your Chime spending account in the Move Money section of the Chime app or by logging into your account online. Under Move Money, select Transfers and you will then be prompted to enter your other bank’s login credentials. Your external bank account will be instantly linked to your spending account.

How to fund your Chime account

There are currently five ways Chime allows you to put money into your chime account. As of this writing, Chime does not support wire transfers, but says it may later add the feature.

  1. Set up direct deposit with your employer. Funds will post when Chime receives them (that may be up to two days earlier than your payday!)
  2. Initiate a transfer to your Chime account from an external bank. Chime says this is the fastest way to move money from your external account to a Chime account. If you use a debit card to transfer funds to your Chime account, the funds will be made available within minutes. There are no limits on direct deposits, but if you use a debit card, the minimum transfer you can make is $25 and the maximum is $200 per day.
  3. Initiate a transfer from an external account using Chime. After linking an external bank account, you can transfer up to $200 per day, or $1,000 per month to your Chime spending account. It may take up to five business days for the funds to be made available for use.
  4. Use the mobile app to deposit a check. Chime users can use the app to deposit checks using their mobile devices.The feature is only available to users who receive payroll direct deposit to their Chime spending account.
  5. Deposit cash at a one of over 60,000 Green Dot locations. Visit a Green Dot location and ask to add the cash to your Chime spending account. You can deposit up to $1,000 within 24 hours, or $10,000 per month. Green Dot may charge up to $4.95 to make a cash deposit to your Chime spending account. Find a location near you here.

Overall review of Chime

Overall, Chime offers fairly standard checking and savings accounts, but it’s mobile-first approach to banking and robust mobile app features make it stand out from others in mobile banking. If you aren’t super excited to use the Chime banking app and aren’t afraid to do a little extra work, you can achieve most of the same features with a higher-yield checking or savings account offered elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brittney Laryea
Brittney Laryea |

Brittney Laryea is a writer at MagnifyMoney. You can email Brittney at brittney@magnifymoney.com

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Reviews

Georgia’s Own Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1934
Total Assets$2.5B
LEARN MORE on Georgia's Own Credit Union’s secure websiteNCUA Insured

Georgia’s Own Credit Union was founded in 1934 by six Atlanta Telco employees with $160 between them. It’s grown slightly since then: The credit union now has over 184,000 members and over $2 billion in assets. Members have access to 20 locations, plus over 5,000 shared branches and 85,000 surcharge-free ATMs through the CO-OP network.

To become a member, you must live or work in certain central Georgia counties, work at one of the credit union’s partner companies, attend or work at Georgia State University or have a relative who’s already a member. If none of these apply, you can qualify by joining the Getting Ahead Association with a $5 annual fee or Georgia’s Own Foundation with a one-time $10 or $200 donation.

If you’re interested in finding out if their deposit accounts are worth opening, read on to find our review of their checking, savings, CD money market and IRA accounts.

Georgia's Own Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Georgia's Own Credit Union Regular Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.90%

CD Rates

Georgia's Own Credit Union 1 Year CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.50%

CD Rates

Georgia's Own Credit Union 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.10%

CD Rates

Georgia's Own Credit Union 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Georgia’s Own Credit Union’s checking account options

All Access Checking

This is Georgia’s Own Credit Union’s basic checking account option.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: none
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

This is Georgia’s Own Credit Union’s no-frills checking account. You get features such as a debit card, e-statements and online and mobile banking. If you choose, you can link your account to a savings or money market account for overdraft protection.

To get the $2 paper statement fee waived, elect to receive e-statements instead.

How to get the All Access Checking account

You can apply for an account by filling out an online application form. You must indicate how you qualify for membership and agree to open a Primary Savings account with a $5 opening deposit. Then fill in personal details such as your name, address and Social Security. Afterward, fund both accounts.

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Perks+ Checking

You can earn a higher rate, but you need to pay a monthly maintenance fee.
APYMinimum Balance to Earn APY
0.02%
$0.01
0.03%
$1,500
0.05%
$2,500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5.95
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

Yes, you need to pay a monthly maintenance fee, but Georgia’s Own Credit Union claims the fee is worth paying for considering the discounts you’ll get. First, there’s access to the BaZing app, which offers discounts from local and national retailers. There’s also cellphone protection service, which can give you up to $800 year to repair or replace your phone if you use your checking account to pay for cellphone bill. Other perks include 24/7 roadside assistance and up to $2,500 in personal identity theft services.

You do get tiered rates, but they’re much lower than what you’d find elsewhere.

How to get the Perks+ Checking account

Go to Georgia’s Own Credit Union’s website and fill out an online application form. After indicating how you qualifying for membership and agreeing to their disclosures — including opening a Primary Savings account — provide information such as your name, address and Social Security number. Then fund both accounts.

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i[check]

This low-fee account is for people between the ages of 14 and 25.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

This account is best for teens who want a checking account they can use into adulthood, as the account is good until 25 years old. Features of the account include free e-statements, balance alerts and online and mobile banking.

On your 25th birthday, the account will be converted to an All Access Checking account.

How to get the i[check] account

You and your child will need to head to the nearest Georgia’s Own Credit Union branch to open an account — your child can go by himself if he is 18 years or older. Either way, make sure to bring along a state-issued ID, Social Security number and a way to fund the account.

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Golden Bell Checking

This account is available if you’re at least 50 years old or retired.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None (although the out-of-network ATM may impose a surcharge)
  • ATM fee refund: None
  • Overdraft fee: $30

The Golden Bell checking account program offers special perks for people 50 years and older. You get a Visa check card and online and mobile banking. Extra perks include free checks, cashier’s checks and up to five free microfilm copies of canceled checks.

How to get the Golden Bell Checking account

You’ll need to go in person to apply for this program. If you’re an existing member, you may fill out this form and mail it back to Georgia’s Own Credit Union, but it’s best to call customer service at 1-800-533-2062 to make sure.

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Resolution Checking

This account is for people who aren’t eligible for a regular checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $8
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

The Resolution Checking account is meant for people who aren’t eligible for other checking accounts or have credit problems in the past. You need to keep this account in good standing for a minimum of one year before you switch to another one — stop by a branch or call customer service at 1-800-533-2062 to make the request.

Although you get free online and mobile banking, you have to pay $0.50 for each check you write.

How to get the Resolution Checking account

You need to apply for this account in person. Don’t forget to bring along information like your government-issued ID and Social Security number. You’ll also need to open a Primary Savings account if you’re not an existing member.

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How Georgia’s Own Credit Union’s checking accounts compare

We won’t beat around the bush — these checking accounts have abysmal rates. They’re essentially what you’d find at most major banks. We also don’t like that you need to pay a monthly maintenance fee for the Perks+ account and there’s no ability to waive it. Competitors such as the ones on our list of the best checking accounts have much higher rates and no minimum balance amounts. Many also don’t require monthly maintenance fees.

In other words, we think it’s best you go elsewhere.

Georgia’s Own Credit Union’s savings account options

Regular/Primary Savings

Everyone needs to open this account to establish membership.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account doesn’t have the best rate, but all members are required to open one in order to establish and maintain membership. This represents your share in Georgia’s Own Credit Union. You can access your funds via online or mobile banking. The credit union will give you an ATM card upon request but customer service representatives tend to discourage members from requesting one because of how many withdrawals you’re allowed. Regulation D limits you up to six certain withdrawals/transfers a month, and beyond that, you’ll need to pay a $5 excessive transaction fee.

How to get the Regular/Primary Savings account

You can open an account by filling out an online application form. First, indicate how you qualify for membership and provide information such as your name, address and Social Security number. You can then fund your new account.

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Coindexter Club

Help your child learn to save money with the Coindexter program and its incentives.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is for children up to 13 years old. Account holders can enroll in the Coindexter Club program, a website encouraging financial literacy. Your child will also receive quarterly newsletters and birthday cards.

Georgia’s Own Credit Union helps encourage your child to save by offering incentives. Once the account reaches $250, the credit union will give your child a gift, plus a second gift when the account reaches $500. It’s a good idea to remind your child that Regulation D limits account holders up to six certain withdrawals/transfers a month, or else there’ll be a $5 fee imposed by the credit union.

How to get the Coindexter Club savings account

You and your child will need to head to the nearest branch to open an account. Remember to bring along information such as both of your Social Security numbers and a way to fund the account. If you’re not already a member, you’ll need to become one by opening a Primary Savings account.

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Holiday Savings/Club Account

You can open this account any time of the year for short-term savings goals.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Both the Holiday Savings and Holiday Club accounts are meant to be opened as a separate savings account to help set aside money for your short-term goals. You can open either club account at any time of the year and you can make withdrawals whenever you want — but funds in the account will automatically be transferred to a Primary Savings account on Nov. 1. However, you are limited up to six certain withdrawals/transfers per month because of Regulation D, or else you’ll need to pay a $5 excessive transaction fee to the credit union.

How to get the Holiday Savings/Club account

You can open either the Holiday Savings or Club account by filling out an online application form. If you’re not an existing member, you’ll also need to open a Regular Savings account. On the form, first indicate how you qualify for membership, then provide personal details such as your name, address and Social Security number. Afterward, fund your new accounts.

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How Georgia’s Own Credit Union’s savings accounts compare

Just like their checking accounts, Georgia’s Own Credit Union’s savings accounts offer extremely low rates. We like that there are no monthly maintenance fees and you do get ATM access, but alternatives also offer the same benefits, plus much higher rates.

You’re better off going with accounts like the ones we suggest on our savings account list.

Georgia’s Own Credit Union’s CD rates

Certificate of Deposit

Even with the tiered rates, these are some pretty low APYs.
$500 minimum balance
TermAPY
6 months0.65%
1 year0.90%
2 years1.30%
3 years1.50%
4 years1.56%
5 years2.10%
$10,000 minimum balance
TermAPY
6 months0.65%
1 year0.90%
2 years1.30%
3 years1.50%
4 years1.56%
5 years2.10%
$25,000 minimum balance
TermAPY
6 months0.65%
1 year0.90%
2 years1.30%
3 years1.50%
4 years1.56%
5 years2.10%
$50,000 minimum balance
TermAPY
6 months0.66%
1 year0.92%
2 years1.33%
3 years1.55%
4 years1.61%
5 years2.15%
$75,000 minimum balance
TermAPY
6 months0.66%
1 year0.92%
2 years1.33%
3 years1.55%
4 years1.61%
5 years2.15%
$125,000 minimum balance
TermAPY
6 months0.66%
1 year0.92%
2 years1.33%
3 years1.55%
4 years1.61%
5 years2.15%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days’ interest
    • 13 to 24 months – 180 days’ interest
    • 25 to 36 months – 270 days’ interest
    • 37 to 48 months – 360 days’ interest
    • 49 to 60 months – 450 days’ interest

The more you put in, the higher rates you will earn — but they’re still lower than many competitor accounts. How the interest is compounded and earned isn’t that straightforward either. The interest for the 6 month, 1 year, 3 year and 5 year CDs are either compounded and credited quarterly to your account, or not compounded at all and credited monthly. The 2 year and 4 year CDs are compounded and credited quarterly. If you choose to have interest sent to another account, interest earned won’t be compounded.

Once your account matures, your CD will automatically renew unless you decide to make changes during the 10-day grace period. This can include making additional deposits, withdrawals or renewing for another term.

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Own Your Rate CD

Account holders get the opportunity to raise their rate.
TermAPY
22 months0.95%
44 months1.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 22 months – 180 days’ interest
    • 44 months – 360 days’ interest

The Own Your Rate CD offers you the chance to increase your rate — once for the 22 month term and twice for the 44 month term. Account holders are responsible for contacting Georgia’s Own Credit Union to request the rate increase if the advertised rate goes up.

Interest is compounded and credited quarterly to your CD. You can choose to keep the interest in the CD or transferred to another account. If you choose the latter, interest won’t be compounded.

Your CD will automatically renew upon maturity unless you make changes during the 10-day grace period.

How to get Georgia’s Own Credit Union’s CDs

You’ll need to apply for a CD account in person. If you’re not already a member, you’re required to become one by opening a Primary Savings account. Make sure you bring along information like your state-issued ID and Social Security number.

LEARN MORE Secured

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How Georgia’s Own Credit Union’s CD rates compare

These rates aren’t exactly the best we’ve seen. We like that there is an option to bump up your rate with the Own Your Rate CD, but all of these accounts offer half the APY compared with other financial institutions. We’re going to assume you want to maximize your savings, so it’s probably best to seek alternative CDs like some of the ones we’ve researched.

Georgia’s Own Credit Union’s money market account options

Money Market

You can earn some pretty competitive rates, but you’ll need to maintain a high minimum balance.
APYMinimum Balance to Earn APY
0.60%
$2,500
0.70%
$10,000
0.80%
$25,000
0.85%
$50,000
0.93%
$100,000
0.98%
$250,000
1.00%
$500,000
1.09%
$1,000,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Money account offers higher rates than the savings account. However, you need to deposit a large sum of cash in order to qualify for those rates, and that could be unattainable for most people. The monthly maintenance fee can be waived if you maintain a $2,500 minimum balance. You’re also limited up to six certain withdrawals/transfers a month because of Regulation D. If you write more than three checks or make more than six withdrawals a month, you’ll need to pay a $10 excess withdrawal fee to the credit union.

How to get Georgia’s Own Credit Union’s money market account

You can open an account by filling out an online application form. You’ll need to indicate how you qualify for membership and agree to open a Primary Savings account. Fill in personal details such as your name, address and Social Security number, then fund your account.

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Money Market Index

Earn a healthy APY if you can meet Georgia’s Own Credit Union’s requirements.
APYMinimum Balance to Earn APY
1.88%
$0.01
0.60%
$250,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for those who want to earn more and already have a checking account with Georgia’s Own Credit Union. That’s because one of the requirements to qualify for the higher APY is that you need to have a personal checking account with them. You’ll also need to make at least five point-of-sale transactions with your debit card each month and deposit new money into the account.

To waive the monthly maintenance fee, you’ll need to maintain a $25,000 daily minimum balance. You’re also looking at a $10 excessive withdrawal fee from the credit union if you go over six certain withdrawals or transfers each month, per Regulation D.

How to get the Money Market Index account

Head over to Georgia’s Own Credit Union’s website and fill out an online application form to open an account. If you’re not a member, you’ll need to open a Primary Savings account to establish member. First, indicate how you qualify for membership then fill in details such as your address and Social Security number. Afterward, fund both accounts.

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How Georgia’s Own Credit Union’s money market accounts compare

Both money market accounts offer some pretty competitive rates — they’re some of the highest we’ve seen like the ones on our list of the best money market rates. What we don’t like are the minimum balance requirements for the Money Market Index account. it’s high, and you need to meet their rules in order to qualify for the high rates. If you can meet the minimum balance plus their other requirements, these accounts aren’t a bad choice. Otherwise, we suggest you do some comparison shopping.

Georgia’s Own Credit Union’s IRA account options

IRA CD rates

IRA CD

These rates are pretty low, just like the regular CDs.
$500 minimum deposit
TermAPY
1 year0.90%
18 month0.75%
2 years1.28%
3 years1.51%
4 years1.56%
5 years2.11%
$10,000 minimum deposit
TermAPY
1 year0.90%
18 month0.75%
2 years1.30%
3 years1.51%
4 years1.56%
5 years2.11%
$25,000 minimum deposit
TermAPY
1 year0.90%
18 month0.75%
2 years1.30%
3 years1.51%
4 years1.56%
5 years2.11%
$50,000 minimum deposit
TermAPY
1 year0.92%
18 month0.77%
2 years1.30%
3 years1.56%
4 years1.61%
5 years2.16%
$75,000 minimum deposit
TermAPY
1 year0.92%
18 month0.77%
2 years1.33%
3 years1.56%
4 years1.61%
5 years2.16%
$125,000 minimum deposit
TermAPY
1 year0.92%
18 month0.77%
2 years1.33%
3 years1.56%
4 years1.61%
5 years2.16%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days’ interest
    • 13 to 24 months – 180 days’ interest
    • 25 to 36 months – 270 days’ interest
    • 37 to 48 months – 360 days’ interest
    • 49 to 60 months – 450 days’ interest

These fixed-rate retirement accounts offer a low minimum opening deposit but the rates are lower compared with what you’d find elsewhere. As for how interest is earned, it depends on the term you choose. For the 18 month term, interest earned is compounded and credited monthly, and interest is compounded and credited quarterly for all other terms.

When your CD matures, you’ll have a 10-day grace period where you can make changes or else it’ll automatically be renewed.

How to get Georgia’s Own Credit Union’s IRA CDs

Go to a branch to open an account. You need to open a Primary Savings account as well if you’re not already a member. Bring along information such as Social Security number when you go open those accounts.

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How Georgia’s Own Credit Union’s IRA CD rates compare

Just like their regular CDs, Georgia’s Own Credit Union’s IRA CD have much lower rates than some of the best offerings out there. We like that there is a fairly low opening deposit requirement but so do other banks and credit unions. Instead of choosing these IRA CDs, we suggest checking out alternative IRA CDs to see what you could be earning.

Club IRA

These are the same rates as the Primary Savings account.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Club IRA account can be a great idea if you’re in between IRA CD accounts or if you want a more flexible option. Interest is compounded quarterly. Although Georgia’s Own Credit Union won’t charge you an excess withdrawal fee if you go over six a month (as mandated by Regulation D), you may face IRS penalties if you take money before you’re 59 1/2 years old.

How to get the Club IRA account

You need to apply for the Club IRA account in person. Remember to bring along information such as your Social Security number and state-issued ID. If you’re not already a member, you need to become one and agree to open a Primary Savings account.

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Overall review of Georgia’s Own Credit Union’s banking products

We like that anyone can join Georgia’s Own Credit Union — there aren’t restrictive requirements such as living in a specific geographic location. Their money market accounts stand out as offering some of the best rates out there. However, you need to meet a few requirements and have quite a large sum on deposit to qualify for the higher rates.

Otherwise, the rest of Georgia’s Own Credit Union’s products are lackluster at best. The rates are low and there aren’t much perks offered, like free checks for all account holders. There are other places that offer higher rates, low minimum balance and you’re not required to open a savings account like at this credit union.

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Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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